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.