Flashback, Flashback, Flashback. Obama has a habit of making promises and then walking away, not to think about them again unless or until the schizey hits the fan. The man is such an empty suit. On August 17 Obama said he would have a jobs plan after returning to Washington, D.C. from Martha’s Vineyard. A “major speech” is planned which you and I will be treated to in a week or so. And then there is the September 2010 jobs plan, and the Stimulus jobs plan in 2009.
In a September 2010 interview (video below), Brian Wilson asks about “another” new jobs plan to spur the economy. That interview intimates there was a “plan” before the one Wilson is asking about during the interview, somewhere between the $787 Billion Stimulus and the one discussed in the video? Note the two ideas Obama mentioned in the video both passed Congress: a capital gains tax cut (extension of the Bush capital gains tax cut) passed Congress and was signed into law December 2010 – still no jobs, and legislation to help small businesses get credit passed in September 2010. Still no jobs. In that legislation, taxpayers made $30 Billion available to small banks for small business loans. Here’s the scoop on that $30 Billion:
A new “fund” was set-up, which means a new overseerer or overseerers. It took over 9 months for the funds to get to a few banks. At that time, $337 Million of the $30 Billion was sent somewhere. Eight-hundred and forty four (844) “institutions” had applied for $11.6 Billion before the first deposit was made. The funds were slated to banks with less than $10 Billion in assets, and they had to be “desperate” for funds. Apparently, many were not, and many did not apply (July 2011). Banks were burned by government restrictions when they took money TARP funds. Perhaps these lender were wary of Big Brother. OR perhaps the Federal Reserve is blocking the release of funds.
The United States Federal Reserve is blocking disbursement of money from a $30 billion government fund created to spur lending to small businesses, endangering the success of the program according to a trade group for community banks.
Obama proposed only one concrete idea in the 2010 interview – legislation that “eliminates” capital gains taxes on small business. That idea did not make it through Congress. However, a similar measure allowing some small-businesses to write off 100 percent of their capital gains taxes on new investment was attached to the deal extending the Bush tax rates.
Another less-concrete idea, to allow businesses easier access to credit, did eventually pass, making $30 billion available to small banks in exchange for increased lending to small businesses.
He sounded uncannily like Santa Claus the other day in a speech taking credit for creating and saving 1.6 million jobs and vowing to do even more. The recent uptick in the economy and dip in unemployment, the president announced, came about because of the $787 billion economic stimulus package he signed last February.
But with unemployment still at 10 percent, Obama perceives a need for the government to generate additional jobs — which he plans to do with a new collection of tax cuts, public works expenditures, subsidies to homeowners for energy-saving investments, and a partridge in a pear tree. Though he stressed his commitment to fiscal responsibility, the president studiously avoided putting a price tag on this plan.
Like a certain jolly old elf, he doesn’t want us to worry about the cost. After all, fiscal stimulus is supposed to more than pay for itself by goosing consumption expenditures to unleash a new surge of jobs, economic activity and tax revenue. It’s a Christmas that will go on for months or even years.
If only it were true. In fact, there is no reason to believe the American Recovery and Reinvestment Act has done anything to revive the economy. Economist John Taylor of the Hoover Institution at Stanford University reports that the economic data show “no noticeable impact of the temporary tax rebates and one-time payments on consumption.”
Obama 2010 Promising a Jobs Plan After Vacation (video)