Obama Jobs Bill Con-Job – only benefits for rich and corporate will pass
Obama has as job one destroying Social Security and Medicare, and as job two destroying the return of the Clinton tax rates – but both can be summarized as a job one of making US rich and corporate happy.
These are Getting into the Super Committee Bill:
Cutting the employer portion of the payroll tax in half for 98 percent of businesses via a cut in the tax on the first $5 million in payroll, with a complete payroll tax holiday for added workers or increased wages with this last benefit capped at the first $50 million in payroll increases. Cutting employer taxes by extending new investment in business 100% expensing for purchases (purchase from China the main beneficiary of course?) – and of course “Reforms and regulatory reductions” to help entrepreneurs and small businesses access capital. The employer hiring tax credit for unemployed veterans of $5,600 to $9,600 to encourage the hiring of veterans, plus a $4,000 tax credit to employers for hiring long-term unemployed workers.
Possibly getting into the bill is an expanded WORKER payroll tax reduction from last years 2% reduction to a 12 month 3% reduction, and the likely give away to businesses of the nation’s wireless spectrum justified by saying Obama is “freeing up the nation’s spectrum” so we can get better wireless.
And a Pointless Home owner program that might get in bill would expand the HARP program that few use because of the large up front and ongoing “insurance of loan” costs and large closing costs and rates not set by the gov so they are set by the banks at 50 basis point – a 1/2 percentage increase – or more – on the final loan amount (the near 4% rate is just Obama referring to current “best customer” home loan rates that will not be forced), by letting the final loan amount be more in excess of the home value than under current rules.
But these Items are not getting into the Super Committee bill:
Prohibiting employers from discriminating against unemployed workers when hiring and those expanded job opportunities for low-income youth and adults through a fund for successful approaches for subsidized employment, innovative training programs and summer/year-round jobs for youth. Likewise the State unemployment insurance program reform to let states adopt, and pay for with higher taxes on employers, “innovative work-based reforms to prevent layoffs, with greater flexibility to use UI funds to support job-seekers in new ways, including giving benefits to those workers choosing Work-Sharing when the employer allows and employee chooses work-sharing over layoffs. The new State UI program rules will allow states to pay for “Bridge to Work” programs where the displaced take temporary, voluntary work or pursue on-the-job training, with entrepreneurship (start their own businesses) and wage insurance programs permitted, the later seen as a way to help reemploy older workers and programs that make it easier for unemployed workers to start their own businesses.
Also going nowhere are the proposed one year of money to the states to prevent (280,000?) teacher layoffs, and of course cops and firefighter layoffs. Those funds for modernizing 35,000 public schools across the country,supporting new science labs, Internet-ready classrooms and renovations, and other infrastructure investing, even the tiny seed money for a National Infrastructure Bank and the new “Project Rebuild” leveraging private capital and scaling land banks and other public-private collaborations approach to get private money into modernizing our roads, rail, airports and waterways, are going nowhere, so forget about rehabilitating homes, businesses and communities, .