Comments on: The jobs plan http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: zotdoc http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30831 Tue, 13 Sep 2011 14:28:29 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30831 If I need to hire anyone it will be based on the growth of my business. As soon as I need another employee, I’ll hire a qualified vet since there is a tax advantage. However, since I’m a doctor and medicare is scheduling a 29% cut while my malpractice rates are going up 25%, I doubt I’ll have the revenue to hire any new people next year. All these projections are fantasy and I hope in 2012 we get someone in charge who has a basic understanding of business priciples. The first stimulus money was used in my home town for “walk, don’t walk” signs at a crosswalk on State hwy 441. On one side of the 4 lane highway is a poultry plant, on the other side is some woods. This type of spending on bogus shovel ready projects does not encourage me as a business man that the govt programs are doing any good. The govt needs to back off and let the economy recover itself!!!!!!!!!

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By: EconMaverick http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30808 Mon, 12 Sep 2011 18:22:57 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30808 Here is my assessment of the Obama plan

Here is a “Back of the envelope” moderate-optimistic scenario.
Positives, negatives, and assumptions after the chart.

http://economicmaverick.blogspot.com/201 1/09/analysis-of-obama-jobs-bill.html

Summary:

1. Economy could see net job creation of 200K to 300K per month in 2012, for a total of around 3 Million net jobs in calender year 2012
2. Of that, 80% or 2.4Million jobs will be reasonably attributable to the proposed Obama Jobs bill.
3. Projected 2012 GDP growth of 4.7%, of which 2.7% is attributable to the Jobs bill
4. Very high uncertainty associated with this forecast, both upward and downward.

The uncertainty is driven by a low level of confidence on the economic multipliers for the various stimulus elements, especially the tax cuts. Traditional multiplier calculations may not fully account for the effects of a balance-sheet recession from the excessive consumer debt-overhang. This may particularly impact the efficacy of tax-cuts as stimulus

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By: TFF http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30762 Sun, 11 Sep 2011 16:10:51 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30762 That is as may be, Danny_Black, but it isn’t quite what you said.

I actually approve of many of the provisions in “Obamacare”, including the extension of dependent coverage and the fix for “pre-existing condition” limitations. Those are both pretty expensive provisions, however, and I don’t think enough real steps were taken to control costs. Pushing the expense onto the insurers simply jacks up premiums for the insured.

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30756 Sun, 11 Sep 2011 03:22:53 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30756 TFF, I know plenty of intelligent people who would like to think Obama has something insightful and intelligent to say on something but when you push them to actually name one of those things…..

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By: TFF http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30752 Sun, 11 Sep 2011 00:49:08 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30752 Danny_Black, that is untrue and unnecessarily antagonistic. You make yourself look small with sweeping insults like that. I know several intelligent people who I respect who nonetheless believe in Obama.

I don’t personally believe the proposals will help, however. As fiscal stimulus, it isn’t nearly enough to make a difference (and is counterbalanced by unspecified cuts elsewhere?). I would rather see sensible and sustainable tax reform — pass a tax code that we can live with for the next 20 years. Uncertainty is deadly.

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30745 Sat, 10 Sep 2011 09:50:14 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30745 doggydaddy, nobody with more than two brain cells to rub together thinks Obama has something intelligent to say on any topic.

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By: Patmc http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30744 Sat, 10 Sep 2011 04:58:27 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30744 Here would be a GREAT stimulus idea. Repeal every single tax hike Obama ever imposed:

• A 156 percent increase in the federal excise tax on tobacco
• Obamacare Individual Mandate Excise Tax
• Obamacare Employer Mandate Tax
• Obamacare Surtax on Investment Income: Creation of a new, 3.8 percent surtax on investment income
• Obamacare Excise Tax on Comprehensive Health Insurance Plans
• Obamacare Hike in Medicare Payroll Tax
• Obamacare Medicine Cabinet Tax
• Obamacare HSA Withdrawal Tax Hike
• Obamacare Flexible Spending Account Cap — aka “Special Needs Kids Tax”
• Obamacare Tax on Medical Device Manufacturers
• Obamacare “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI
• Obamacare Tax on Indoor Tanning Services
• Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
• Obamacare Blue Cross/Blue Shield Tax Hike
• Obamacare Excise Tax on Charitable Hospitals
• Obamacare Tax on Innovator Drug Companies
• Obamacare Tax on Health Insurers
• Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives
• Obamacare Employer Reporting of Insurance on W-2
• Obamacare “Black liquor” tax hike
• Obamacare Codification of the “economic substance doctrine”

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By: Patmc http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30743 Sat, 10 Sep 2011 04:39:48 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30743 “Well, in CBO world higher spending or lower taxes today offset by promised reductions in spending or increases in taxes ten years from now counts as “paid for”.”

Obama increased the public debt by 50% in 3 years. More debt added faster than at any time in our history.

It is absolutely absurd that, right after we get a ratings downgrade, he responds with a plan to double-down on deficit spending.

Actually more than absurd. Disgraceful.

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By: Patmc http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30742 Sat, 10 Sep 2011 04:37:55 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30742 “Well, the stock market went down so Obama must have said something that was really in the benefit of the ordinairy American.”

Yeah, every working American with a nest egg, a union pension fund or a 401k is just overjoyed that the market responded to Obama’s speech by tanking 3% in one day. Such a vote of confidence in Obama’s MORE COWBELL tax-borrow-and-spend Jobs Plan.

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By: Patmc http://blogs.reuters.com/felix-salmon/2011/09/09/the-jobs-plan/comment-page-1/#comment-30741 Sat, 10 Sep 2011 04:35:00 +0000 http://blogs.reuters.com/felix-salmon/?p=9824#comment-30741 The original stimulus was a big, fat failure and will be more of the same on the road to a big, fat Greek-style bankruptcy.

These are failures because the whole concept of boosting the economy by spending money we dont have does not work.
Every dollar thrown out of helicopters or spent on boondoggles does NOT create wealth, it requires taking money FROM some other pocket. When Obama says it is paid for (by making someone else make the decisions he wont make) he is literally passing the buck.
It’s a zero sum game, higher taxes kill more jobs than the govt spending creates, and only ‘works’ through the suspension of disbelief in rational expectations. Well: The price of gold tells you all you need to know about how the markets have rationally expected results from fiscal and monetary dollar dilution.

The least harmful thing the govt could do is cut taxes, but even there he blows it. businesses wont hire based on temporary band aid tax cuts. If the tax should be lower, make it permanent (but then, how will obama fix the hole he is blowing in social security?)

We can help create real wealth by getting Govt out of the way of wealth creation. Drilling here, repealing obamacare, having a regulation moratorium, simplifying the tax code with lower rates and fewer special credits, they would stop the job-killing out of DC without costing a dime.

Hundreds of thousands of jobs have been squashed due to new regulations the Obama administration is adding. Stop the madness. Repeal Obamacare.

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