Obama Shows Interest In American Business

What a novel idea!

The ideas President Barack Obama is considering for his new jobs agenda could put hundreds of thousands of people back to work, and still have a limited impact in an economy that remains 6.8 million jobs behind its pre-recession peak, economists said.

Among the options Obama is considering is a version of a tax credit for new hires that could spur the creation of 900,000 additional jobs at a cost of $30 billion, according to an estimate by Michael Greenstone, an economics professor at the Massachusetts Institute of Technology and former chief economist for Obama’s Council of Economic Advisers.

“It allows the private sector to lead the economy toward the areas where the payoffs are greatest,” Greenstone said.

I’m agnostic on that, but it is interesting that he is noticing that businesses hire people. The Smartest Man In The World notices the obvious – or hires advisers who seem to notice.

– Aggie

4 Comments »

  1. Carol said,

    August 30, 2011 @ 3:27 pm

    Is this a permanent tax credit, or is it just temporary? I’m sure it’s temporary in which case it won’t work. This will be one more instance of the uncertainty businesses can’t afford piled on top of all the others, and in the end, it will be just one more excuse for Obama to revile business for being selfish and eeeeeeevil because they won’t take advantage of temporarily being allowed to keep more of their own money. And Obama will never understand that the problem is the word “temporary.”

  2. Bloodthirsty Liberal said,

    August 30, 2011 @ 4:33 pm

    If it’s the same thing Rush was talking about, it’s like a $2,500 one-time credit per new hire. What’s the average total compensation and cost for an employee in America these days (salary, benefits, etc.)? It’s gotta be be between 60 and 80k or more. The credit might as well be 25¢ as $2,500 for all the good it’ll do.

  3. Buck O'Fama said,

    August 30, 2011 @ 7:37 pm

    “Among the options Obama is considering is a version of a tax credit for new hires that could spur the creation of 900,000 additional jobs at a cost of $30 billion…”

    It’s not gonna spur sh*t. Businesses don’t hire because some gubbermint doofus gives them a peanuts tax credit, they hire because the needs of the business demand it. If Sam’s Lawn Service is mowing one lawn per day, Sam can probably do that himself. And he’s not gonna waste any money to hire an assistant, tax credit or no (espeically since in two years Obamacare is gonna make him buy health insurance for the hire) when he needs ALL the money he gets from mowing that one lawn per day to pay his own damn bills. Damn, these people are rock stupid.

  4. Bloodthirsty Liberal said,

    August 30, 2011 @ 8:11 pm

    I guess I’m not patriotic enough to mind this. I think they’re rock stupid (great phrase) and I enjoy watching them screw up. It is better than the 3 Stooges. Maybe the real reason America voted for him is that we all need a laugh?

    – Aggie

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