About a year ago, the job market looked a lot like it does now -- after a strong winter, the economy stumbled badly in May and job growth stalled. Once the Republicans' debt-ceiling crisis was resolved, President Obama shifted gears, refocused his agenda, and unveiled the American Jobs Act.
It seems like ages ago, but it was just last September when the president delivered an address to a joint session of Congress, laying out a detailed plan to boost job creation. It's easy to forget, but it was a credible, serious plan -- the AJA would have prevented thousands of layoffs for teachers, cops, and firefighters; invested heavily in infrastructure; and cut taxes intended to spur hiring.
Independent analysis concluded the plan would have a significant and positive effect. From an AP report in September:
A tentative thumbs-up. That was the assessment Thursday night from economists who offered mainly positive reviews of President Barack Obama's $450 billion plan to stimulate job creation. [...]
Mark Zandi, chief economist at Moody's Analytics, estimated that the president's plan would boost economic growth by 2 percentage points, add 2 million jobs and reduce unemployment by a full percentage point next year compared with existing law.
Macroeconomic Advisers wasn't quite as optimistic, but its analysis projected that the White House plan "would give a significant boost to GDP and employment over the near-term." The firm would expect to see the proposal create at least 1.3 million jobs.
Despite public clamoring for action on jobs, congressional Republicans reflexively killed the American Jobs Act, saying it was unnecessary. The House wouldn't bring it up for a vote, and a Republican filibuster killed it in the Senate. For GOP policymakers, this was a time when Washington should stop investing in job creation and start focusing on austerity -- lower the deficit, take capital out of the economy, and everything would work out fine.
As panic sets in after this morning's brutal jobs report, take a moment to consider a hypothetical: what would the economy look like today if Congress had followed Obama's lead, responded to public-opinion polls, and passed the American Jobs Act? In 2012, do you think the nation could use those 1.3 million jobs or not?
Are we better off now as a result of Republican obstructionism and intransigence, or would we have been better off if popular and effective job-creation measures had been approved?
Leave a Comment:
YES, Alex! The Republicans DO hold a BIG reponsibility for the current economy!! BESIDES Republican George Bush putting us into this situation with all his poor judgments, including his expensive unbudgeted wars and tax cuts for the super-wealthy, our current Republican majority Congress voted DOWN President Obama's JOBS BILL!
Stupid democrat. Sorry, stupid lying democrat. That's more accurate. Tell the truth idiot, everyone who paid taxes received a tax cut which means they got to keep more of their money. Not one penny did the Government pay out . One more thing, it's been the "tax rate" for ten years now and Obama extended them. So quit your crying and lying.
As well as the wars your party not only prolonged with their emboldening the enemy to fight on in hopes of bringing about defeat on Bush's watch, they could have prevented in the first place. That is if BJ Clinton wasn't more interested in having his pecker polished and terrorizing woman than doing his job or too incompetent to simply say the word "YES".
"Stupid democrat. Sorry, stupid lying democrat. "
that should get you a day or so off. COH
but other then that LOL at you.
Alex, we don't need ANOTHER network turning Republican, like CNN has done since Ted Turner is gone, or even with frequent Republican favoring innuendos, as MSNBC is beginning to lean in their daytime programming! Viewers DO note these "subtle" changes, just as we all noted the beginning rip-offs in commerial products, like, for instance, when we started getting 2# 11 oz. and less of coffee in the formerly 3# of coffee can. The MAJORITY need ONE channel we can trust and depend on! We ARE the 99% of consumers, who frequent all the advertisers. I hope MSNBC continues to keep that fact, proven by Rush Limbaugh's recent experience, in mind.
Thank you.
Americans do not need the democrat cohorts in the MSNBC or their propaganda. Tell the truth and quit trying to hide under your made up number. You are the hateful miserable less than 20%ers who don't know their place have been rejection and are constantly crying because you can't have your way.
The U.S.A. took many years to get into this mess it will take as many to get out. sad but a true lesson; that had to reach a breaking point.
I do believe that people should get their minimum wage lifted.
We will never live like China and can't reduce ourselves to their standard.
People on minimum wage will spend the extra $ and the money will go round and round but it's long over due.
I was just curious as to what effect, if any, the Keystone Pipeline blockade, had on the passing of the Jobs Act? We already know that some in congress will get rich if it passes but who are they?