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President’s Jobs Council Pushes Corporate Tax Cuts, Drilling, Regulation Rollback

The Obama Administration is going around telling liberal groups that they won’t much like the budget they’ll put forward at the end of the month. OF COURSE liberals won’t like this budget. It’s being produced under a spending cap. The spending cap necessarily cuts investment as a percentage of GDP to Eisenhower-era levels, and it really starts to kick in come FY2013. It’s going to hurt the economy. These were the wages of the debt limit deal, which was assuredly no win for liberals, or more to the point, no win for the American public.

I’m not surprised by that at all. What should surprise and shock people is that the President’s Jobs Council, not constrained by such budgetary concerns as their recommendations have no force of law, just put forward a series of ideas that read like they come from a Heritage Foundation position paper.

President Barack Obama’s jobs council is calling for a corporate tax overhaul, expanded domestic drilling and new regulatory reforms, a set of proposals unlikely to provide a quick fix for high unemployment or gain much traction in an election year.

A panel of business leaders advising Obama — whose re-election chances could hinge on whether he can boost the fragile U.S. economy – will offer its latest job-creation prescriptions at a meeting with him on Tuesday. A draft of its report was obtained by Reuters […]

The panel calls for lowering corporate tax rates to “internationally competitive levels” while broadening the corporate tax base by eliminating deductions and loopholes.

“The Jobs Council recommends expanding and expediting the domestic production of fossil fuels – including allowing more access to oil, gas, and coal opportunities on federal lands – while ensuring safe and responsible development of those sites,” the report said.

In addition, the report called for a series of reforms to streamline government rules and reduce the regulatory burden on businesses, which it said would enhance U.S. competitiveness.

Wow. Corporate tax cuts, drill baby drill, and cutting regulations. Sounds like the Republican Party platform. Heck, it IS the Republican Party platform. That’s what happens when you put a bunch of business leaders, with Jeffrey Immelt as the chief, on something called a “jobs panel.”

It’s one thing when the White House claims that they are over a barrel and simply have to cut spending to comply with already-passed laws. It’s another when the policy recommendations coming out of a committee devoted to jobs that the President appointed ends up with this right-wing agenda profile. This is just depressing.

Also, keep in mind that the President’s alibi for the crappy budget, articulated by officials, is that he will spend the year focused on job creation. By that, does he mean the recommendations of his jobs panel?

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David Dayen

David Dayen