Friday, October 7, 2011

Obama Still Pushing Jobs Bill

Tonight, President Obama held a press conference in which he once again pushed his jobs bill which he introduced nearly three weeks ago. His $447 billion jobs bill would supposedly reduce payroll taxes, increase spending on schools and start on infrastructure projects. This would all be funded by raising taxes on “the rich.” While the bill has languished on The Hill, there really still aren’t any concrete ideas within the bill, other than the 5.5% tax increase on “the rich.”

Watching the presser I was amazed at just how feisty he has become over this bill, almost daring the Republican to not pass the bill. He urged Congress to pass the bill or “be ready to get run out of town” by voters.

I really do think he is missing the mood of the country. In the past three years, he and his Congress (2008-2010) passed spending programs in excess of $2.5 trillion. I think people are tired of the spending.

First there was TARP, and while technically not Obama’s, this $700 billion in taxpayer money was used to prop up failing banks and was passed with his urging as the incoming president. Even with all of this money injected intot he banking industry, banks still closed and people lost tons of money from their retirement accounts.

Next up was the American Recovery and Reinvestment Act (aka: Stimulus Bill) with a $787 billion price tag. The kicker used to get this bill passed was that it was promised that unemployment would not exceed 8 percent. Well, we went past that almost immediately after passage and haven’t seen 8 percent since.

Lastly there was the Patient Protection and Affordable Care Act, more commonly referred as Obama Care. When it was first introduced, the price tag was set somewhere near $800 billion. But later estimates put the cost over $1 trillion. Supposedly this bill was going to pay for itself. But the figures that I have seen, the rate and tax increases only cover about half of the bill. Not sure where the other half is going to come from. Rationing?

Now he is going for an even $3 trillion with his new jobs bill. Just an FYI for you all, do you know that in three years Obama has increased our debt faster than all Presidents from George Washington to George HW Bush COMBINED? This includes the free-spending FDR who tried (and failed) to spend us out of the Great Depression.

As I said, I think he is not reading the mood of the folks out there. I know that I am tired of spending money that my grandkids will have to shoulder and I am certain there are an awful lot of other people out there who feel the same way.

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