We have pulled all the rabbits out of the hat, and there are no more rabbits. . . . We are a confused, bewildered group of people, and we are not delivering the goods.” Congressman Maury Maverick, D-Texas.
If you look into today's congress, you won't find Maury. He was an ardent FDR supporter and a proponent of the New Deal. And one to recognize, along with FDR's good buddy Morgenthau that all that spending wasn't working.
In September Presdident Obama will announce his latest "jobs plan" (how many more jobs will be lost by then?). Of course, will it really be a plan or another "we cannot score a speech" moment. But I fully expect proposals for more federal spending. After all the 2009 stimulus worked so well.
Expected parts of the plan include more infrastructure spending, above the $322 billion included in the original stimulus plan and tax cuts. Of course where will those tax cuts go? Much of the tax cuts included in the stimulus package were allocated to "green businesses" and look how well that is working. even the New York Times recognizes that this program has failed miserably. SolFocus, a Silicon Valley "green company" stimulus funds recipient, produces solar panels, in China. Over 50% of the wind turbine parts subsidized by the stimulus package were made in China. Evergreen Solar, recipient of $100's of millions of government subsidies closed its American plant, eliminating 800 jobs, and moved operations to China. It is now filing for bankruptcy in the U.S.
Will this new "plan" include something different? Probably not. But there is one thing that can help kill two birds with one job stone. And, it won't cost taxpayers any money. Open up more areas, both on shore and offshore, for oil and natural gas exploration and drilling. In fact, it will generate the "revenues" that this administration wants to raise taxes on the evil rich in order to obtain (another myth). It will generate revenues in several ways: revenues from leases, revenues from permits, and, increased income tax revenues from the 1000's of jobs that will directly be created plus the thousands more that will be indirectly created.
Now that would be a real jobs bill. It won't cost the taxpayers anything. I could not only end the pending double dip but also drive real GDP up.
And, it will also result in one other big benefit for the economy. It will effectively reduce consumer prices, for fuel, and all things directly impacted by fuel costs, including food.
But I am not holding my breath.
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