In one of his most important speeches of his presidency, President Obama presented once again his “laser-like focus” on jobs. In 2009, and 2010 he had more important items to take care of – like a health care bill. Previous attempts by the Obama administration with any job stimulus have been disasters, but this new program is similar to previous efforts. So how will this bill generate different results? Isn’t that the definition of insanity?
On the positive side, Obama has always been a great speaker. This speech was no different. It was full of passion and gusto, but lacked details. This speech was probably two years too late, and should have happened in early 2009. Obama’s speech was similar to previous speeches. It included the usual suspects:
- Tax increases on the rich (you knew Obama had to state millionaires and billionaires)
- Job works programs for union members (teachers and construction)
- Rebuilding infrastructure (roads and bridges)
- Extending the insurance for the unemployed for another year
- Extending the tax cuts to working Americans
- $4,000 tax credit to companies who hire out of work individuals for more than 6 months
Fortunately, the blaming of President Bush was finally missing.
Interestingly, Obama’s geen jobs initiative was nowhere mentioned in this speech. That’s because with no surprise it has so far been a big bust. In fact in August, three solar companies went bankrupt. Most notably Solyndra, who was paid a friendly visit by the FBI today. This is after $500 million in government guaranteed loans were given, and year after President Obama visited this company. Obama used Solyndra as a poster child for his green jobs movement. Oops!
Most of the speech President Obama stated Congress must “pass this jobs bill”, but yet no one knows the details? This sounds exactly like the Obamacare bill, and what Nancy Pelosi stated. Supposedly, in the next ten days we will get the details of the bill. President Obama states all of this spending (estimated around $447 Billion) will be deficit neutral. How the President exactly does this remains to be seen. The devil is always in the details.
Readers: What did you think of the speech? Do you think Obama’s American Jobs Act will get passed?