Barack Obama is flitting around the country imploring "Pass the Bill." The bill he's referring to is the American Jobs Act – aka: the Son-of-Stimulus. The plan calls for $447 billion in temporary spending and $1.5 trillion in permanent taxes. The President sprinkles all his speeches with frequent claims that his plan will create 1.9 million jobs.
However, any bump from all that spending will quickly be offset by the burden of all those taxes. In fact, by 2013 Son-of-Stimulus will create a "drag on the economy," and by 2015 we will be stuck in "the same place" as if Obama's plan were ignored.
And that, my friends, isn't the conclusion of one of Obama's growing number of critics. That's the conclusion of Mark Zandi, chief economist for Moody's Analytics. Most significantly, Zandi is the private industry analyst hand-picked by Barack Obama to help sell Son-of-Stimulus to Congress and the American people.
If "drag on the economy" is the nicest thing his own economic expert can say about the plan, it pretty well sums up why Son-of-Stimulus is likely headed for the trash bin on Capitol Hill.
"You should pass it right now!" Obama beseeched Congress on September 8. That was before there was a bill to read, and before he mentioned eleven days later that all those new taxes were also part of his plan. And, it was before anybody had a chance to figure out what "it" actually was. Now we know why he was in such a hurry. It was like, "We have to pass it, so you can find out what's in it," all over again.
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