President Obama plans to endorse a handful of jobs-creation measures Tuesday morning that would target small businesses with tax credits to encourage hiring and unused Wall Street bailout dollars to increase lending.
According to an administration official, Obama plans to back using between $20 and $40 billion in unused bailout funds for increased lending. He plans to call for between $25 and $30 billion for tax credits aimed at encouraging small businesses to hire new workers, the official said.
Another administration official described Obama's speech as a small piece of the puzzle in reversing the unemployment trend. The jobless rate was 10 percent in November.
Almost a year into his term and billions of wasted dollars later and he's JUST figuring out that businesses are more efficient at creating jobs than the government is. Wow..... This guy is a keeper! At this rate he'll be brilliant from all the lessons he learns from his mistakes. Of course the US will be in the dumps because of them... But think of all the books he can write!
I'll tell you, as a business owner, I'm not (ok, mostly my wife isn't) even considering any sort of expansion until there is too much demand for her to handle at her current staffing level.
Demand comes from paying customers, and about 18% of them don't have jobs right now; so any sort of tax credit we get is just gonna go into our pocket.
why exactly would any business owner expand at a time when demand is low?
greck
Actually, the government wants you to go out and get a loan and do like they do spend spend spend.
What small business would even consider a loan right now not knowing what the government has in mind for them in future taxes and obligations.
What small business would take on new employees, for the same reason, and end up having to lay them off later and watch their unemployment rates sky rocket.
Good points and well taken.
The cocern here is if the loan is from the fed gov, like the TARP money was, then anyone who accepts the loans will be in the fed's pocket. They'll be running your business at that point and they'll tell you to hire whether you need to or not.
Try Tax cuts Mr. President, or, how about extending the Bush cuts durng this time. More taxes, which you propose, will negate the tax credits.
You can't get blood out of a stone, by claiming this will get more people hired. If nobodies buying, there's no insentive to hire.
Didn't he just a few weeks ago talk about the need to reduce the deficit?
According to an administration official, Obama plans to back using between $20 and $40 billion in unused bailout funds for increased lending. He plans to call for between $25 and $30 billion for tax credits aimed at encouraging small businesses to hire new workers, the official said.
Obama better attach strings to those tax credits. If he pulls a George W Bush aka Jackass Junior by giving companies tax breaks prior to them hiring, he will be putting money in the pockets of the rich. You don't give a dog a treat before it does a trick, only after!
DaVinci, Obama is an idiot. He tried the liberal stuff and it got unemployment to 10 percent despite his claims of "under 8%". Now, he's trying conservative stuff. This is like playing "pin the tail on the economy". He's all over the map.
Yea he sure is over the place he has no idea what to do or what will work he is just trying everything praying he can yell bingo one of these days. He is just spending money in hopes one day he can say it worked even tho he wont admit those 1,000,000 million jobs cost trillions.
He tried the liberal stuff and it got unemployment to 10 percent
It has nothing to do with the severe recession created by the previous administration... it was all caused by the "liberal stuff". Good to know.
Hmm Dodd-Franks-Pelosi-Reid all in charge of congress for the last 3 years
rick, don't bother trying to argue with them, they have no clue how governement works and how they spend money.
SENDLO- Congress authorizes spending, you blaming Bush for the economy is also putting blame on every Democrat the was in Congress during that time, its a fact... don't argue it!!
Think about it, if the Fed cut spending by just $24 for every man woman and child in the US, it would save about 3.5 trillion dollars a year, we could have the whole Us deficit paid off in less than 5 years (may be longer if this guy keeps spending the way he has been!). Spending more money and taxing more will not make the problem go away!!
And anyone who argues that "Clinton balanced the budget".... you don't know what you are talking about on so many levels!!!
Congress authorizes spending, you blaming Bush for the economy is also putting blame on every Democrat the was in Congress during that time, its a fact... don't argue it!!
Boy that whole post was filled with unwarranted attacks. You may want to take a deep breath.
I agree that the Dems have some blame also. What I am saying is that the 8 years leading up to the recession had Bush in charge of the executive and the GOP in charge of congress (for 6 of the 8). So Rick's blanket statement of "Obama's liberal stuff caused this unemployment" is absolutely false.
And regarding your argument about $24... that sounds good to me. Lets start with the military spending.
Bush was a fiscal idiot, I'm not defending him. I'm not talking Military spending you schmuck, I'm talking per capita spending, cut it. You know nothing about how government works and how they spend, so you should just shut up and sit back and enjoy the fruits of MY labor!
Wow, you are a bitter man. And you know a lot less than you think you do.
These created jobs have cost us $250,000 for each job and they are temporary. Tarp is a joke. Government can't create jobs, private enterprise does. Cut the corporate tax rate and the jobs will follow. Increase taxes with cap and trade and the jobs will leave. No rocket science here.
Cut the corporate tax rate and the jobs will follow.
It's really amazing how so many in this nation can believe in illusions and fantacies!
The world is on the verge of another down turn. Obama went to China and he asked for money and told to pound sand.
Now the middle of the fortune 500 in America is telling the Commander and Chief that they want a divorce if he does not change his ways they will do what Wall Street dreads and that is not hire a soul and let the mobs being.
Tyranny by Kakocracy
Instead of applying the Tarp money to the deficit or debt, Obama is going to piss it away on make-work jobs and pork barrel programs. The Tarp money has become nothing but a slush fund for Obama's pork barrel projects, bribes, and payoffs.
I watched his speech today. "We can reduce the deficit by spreading the extra money around to more important projects like small business".
Ummm! What?
How do you reduce the deficit by spending the extra money?
How do you reduce the deficit by spending the extra money?
you buy something that's going to make you more money than you owe.
it's the same principle that makes student loans and business loans worthwhile.
So, what is he going to spend it on that will make us money back, with interest for the use?
Student Loans = failed paybacks
Business Loans = not happening
It's borrowed money in the first place. If you are in debt, you pay it down before buying another handful of Obama's magic beans. Tarp money was never intended for Stimulus II.
So, what is he going to spend it on that will make us money back, with interest for the use?
Infrastructure.
which attracts businesses, which pay taxes.
I've got a better idea: How about Obama pays down the debt with our Tarp money and just claims he created or saved x amount of jobs in phony Congressional districts on his website.
We already went through this infrastructure rhetoric when stimulus passed. Now he wants to use TARP, claiming jobs.
What happened to the stimulus job creation.
Sounds like it was smoke and mirrors to me!
What do you do if your child over spends on the credit card you gave him or her. You take it away. I think we need to take away the current president's credit card before he spend so much we'll never be able to pay it off!! How can we to that sans stop paying taxes????? (only his friends and some members of congress can do that and not go to jail!)
I think we need to take away the current president's credit card before he spend so much we'll never be able to pay it off!! How can we to that sans stop paying taxes?????
Your guess is as good as mine. A start would be not to elect leftist radicals to the highest office in the land. These people have to go.
Most everyone here is so right on. Except for greck who seems to think the government can buy anything that makes money. Yah, those jobs "saved" were a bargain at $100K + each!
We DO have to stop this. Please help spread the word as MA is going through a senate race to replace Kennedy and the Democrat is a cookie-cutter Liberal. We NEED to get another republican in office before this Obamacare joke and more failed job creation by spending money passes! It may be MA, but it affects us all. Spread the word!
We can either crawl into a hole and hide as the republicans want or we can revitalize our nation. Who wants to crawl into a hole?
What the hell are you talking about? We can get out of the hole we're in by not spending money we don't have.Screw the bailouts,they come with too many hitches.Just cut the taxes,let business run without the government getting involved.The man and the idiots he has around, him can't understand that we don't want them in control.You can't revitalize on the backs of the tax payers.So until the government starts making something,beside printing money,those make work programs are stupid.
Revitalize our nation? Talk about drinking the Kool-aid. Obama isn't creating jobs as much as he is giving speeches that are designed to make himself look good and George Bush look bad. If he didn't have the words "inherited," "George," or "Bush," he wouldn't have much to say.
Something people seem to forget is our POTUS was a senator before he becamse POTUS so he was already part of the problem then.
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