WH Christina Romer on Jobs Summit

Update: Another GOP Senator backing a payroll tax cut. Orin Hatch R-(UT?) on FOX Biz Happy Hour calling for one. GOP had an economic round table today and leader Boehner came out for a payroll tax cut. I have noticed for 10 years now that whatever party is in power the OTHER one always backs the payroll tax cut but I have never seen any of them enact one!

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Oh boy. Not a word about a payroll tax cut. Doesn’t sound like there is anything to look forward to in the new 300 billion jobs bill except perhaps the COBRA subsidy extension. The big plan that Christy says she does not want to get in front of Obama announcing (too late Christy, Pelosi already let the cat out of the bag) is to use the unused TARP funds to pay for this jobs program.

Glad they are not earmarking more money but canlt they just let us keep some of our own money. A payroll tax holiday would IMO BOOST state local income more than a Federal bailout. All the new hires form the employer side of the payroll cut and all the retail spending in sales taxes on the employee side of the payroll tax cut would generate IMO far more revenue for the states then another federal bailout of the states!

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December 3, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

The Hill: Dem jobs proposal may add 300 billion in spending…

Update: jobless claims in, another 457,000 jobs lost in November w/e 11/21; Q3 productivity revised down to up 8.1% still huge. Continuing claims 5.464 million w/e 11/21. Monthly number is manyana.

$300 Billion in ideas, and yet they still manage not to have a payroll tax holiday for workers in there. Unbelievable.

TheHill:

A number of the  jobs proposals backed by Democrats make up a $230 billion package proposed by Mark Zandi of  Moody’s Economy.com, who made a presentation to  Senate Democrats Wednesday. The provisions supported by Zandi along with new spending on infrastructure, a favored approach of top House Democrats, would cost between $291 billion and $299 billion, according to estimates by lawmakers and economists.

…The Hill arrived at the $300 billion figure by adding up the following provisions:

Lawmakers are looking to extend unemployment insurance and COBRA healthcare benefits for the unemployed through 2010 at a cost of $100 billion alone, according to the sponsor of House legislation, Rep. Jim McDermott (D-Wash.).

House Transportation and Infrastructure Committee Chairman Jim Oberstar (D-Minn.) and Rep. Peter DeFazio (D-Ore.) pushed Wednesday for $69 billion for highway and transit projects that could be started almost immediately with funding. Oberstar had criticized the earlier stimulus bill for not including enough infrastructure spending, and House Speaker Nancy Pelosi (D-Calif.), House Appropriations Committee Chairman David Obey (D-Wis.) and Sen. Kent Conrad (D-N.D.) have voiced support for more infrastructure spending to create jobs.

And the reason no infrastructure was in the damned shovel ready stimulus is Larry Summers, “doesn’t believe in infrastructure”. Like he thinks roads come from the Tooth Fairy or something. Does he believe in China cause they spent their trillion in stimulus on infrastructure.

Democrats would also increase loans from the Small Business Administration (SBA) at a cost of $20 billion, according to Zandi. He called for raising limits for the SBA loans, removing the interest rate cap on them in order to allow credit to be given more freely and using leftover bank bailout money as small-business credit.

Hey that SBA funding is actually a good idea! But the tax credits for new hires is a waste. 3K is a drop in the bucket. PAYROLL TAX HOLIDAY DAMMIT!

Tax credits for businesses that hire new full-time workers would cost about $27 billion under a proposal by Sen. Russ Feingold (D-Wis.) and the Economic Policy Institute, a left-leaning policy group. A new hiring tax credit has received extensive discussion and is under consideration by President Barack Obama, according to his economic team.

Providing more aid to states, a move to stem further job losses, also has support among lawmakers, The New Republic reported Tuesday. Zandi, noting that the state governments will have a $150 billion budget shortfall in fiscal 2011, has called for $75 billion in federal aid for states.

A federal work-share program backed by Sen. Jack Reed (D-R.I.) and four other Democrats would cost about $600 million. The total cost of all of those proposals would be $291.6 billion.

Zandi has called for a $230 billion job-creation package that includes the small-business loans, state fiscal aid, hiring tax credit, work-share program, unemployment and COBRA insurance and state fiscal aid. His cost estimates for most of the programs are similar to those given by lawmakers.

Adding the Oberstar-DeFazio infrastructure proposal to that sum would bring the total to $299 billion….

December 3, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

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