Submitted By Todd on December 9th at 12:48am
President Barack Obama's call Tuesday to spend much of the $200 billion in "extra" bank bailout funds on job creation efforts embodies Democrats' strategy to make a second economic stimulus more palatable to wary taxpayers.He showed his stripes on the Stimulus Package. Rather than bringing a mission of excellence and bipartisanship to solving the demands of the moment - Obama punted on his responsibility, saving his political capital for the Public Option while allowing Congress to create a bloated pork package that has proven ineffective.
Democratic congressional leaders estimated that a jobs bill, which could pass early next year, would cost $75 billion to $150 billion, with more spending to follow. "These are all figures being talked about," said House Majority Leader Steny Hoyer, D-Md.Liberal economist Paul Krugman described last week how much better a second stimulus can be than the first at generating jobs.
There are things you can do to create jobs more cheaply than the kinds of things they did before. You can have tax credits for businesses that hire more people. You can have direct employment programs, WPA type stuff, you know, short-term employment things that are quite cheap per job created, because they create poor-paying jobs, but it's better than nothing.It's too bad that we elected a guy who puts the leadership challenge of being president second to the opportunity to kidnap the country from what it was intended to be.
So you can -- Economic Policy Institute has a plan that is going to be announced tomorrow that is a $400 billion thing. And it looks plausible. It could create quite a few jobs. It would make a big difference.With a second stimulus being pushed, an expansion of the spending frenzy that has Americans doubting Obama already, his slide - Obama has already achieved lower approval ratings than any president in history at this stage - will be accelerated.