More of the Same from the White House
"The story in yesterday's Washington Post had a familiar ring to it: "President Obama has decided to press Congress for a new round of stimulus spending and tax cuts as he seeks to address the great domestic policy quandary of his tenure: how to spur job growth in an age of austerity. Obama will lay out a series of ideas in a major address right after Labor Day...'
"To paraphrase another President, Ronald Reagan, "Here they go again!'
"Two years ago, the Obama Administration promised that their first "stimulus' package, which carried a trillion dollar price-tag, would keep the national unemployment rate below 8%. Officially, joblessness stands stubbornly at over 9% and if you count all the people who are underemployed or who have stopped looking for work, the "real' unemployment rate exceeds 17%. We all know someone looking for work, including many graduates who cannot find that all-important first job.
"Oh, and by the way, that failed "stimulus' measure exploded the federal budget deficit and the national debt to crisis levels.
"In his latest attempt to show he's serious about jobs, the President spent three days this week on a Midwestern "bus tour', trying to convince Americans in small towns that we need more of the same.
"Well, we've tried that approach, Mr. President. Enough is enough. It's time to move an action plan designed to foster an environment that is conducive to private-sector job creation. Among its key components are tax reforms that broaden the base and lower the rates for everyone, while making the tax code more fair by closing loopholes. We also need to empower small business owners and reduce regulatory burdens to get government "out of the way' of our job creators and make America more globally competitive by opening new markets to American-made goods through free trade agreements like those we've negotiated with Colombia, Panama, and South Korea.
"Instead of more government borrowing and spending and higher taxes, these are the building blocks of an economy that will provide security and opportunity for current Americans and future generations."
Recommended Reading: On his "bus tour" this week, the President again cited Warren Buffet's now familiar argument that "billionaires and millionaires" are taxed too little. For a closer look at what the billionaire is NOT saying, read "Warren Buffett's Tax Dodge: The billionaire volunteers the middle class for a tax increase" in Wednesday's Wall Street Journal.