Research Briefing

As Job Losses Reach New Heights, Obama Pushing Stimulus II That Sounds A Lot Like Stimulus I

OBAMA STARTING ‘MAIN STREET’ TOUR TODAY IN ALLENTOWN, PA: “After an economic summit Thursday in Washington, D.C., President Barack Obama’s visit to Allentown on Friday will kick off a months-long tour one political analyst says is meant to signal concern about the economy in advance of next year’s mid-term congressional elections.” (Borys Krawczeniuk, “Obama To Kick Off Tour In Allentown,” The Scanton Times-Tribune, 12/2/09) 

RECORD-BREAKING JOBLESS FIGURES CONFIRM OBAMA’S 1^ST STIMULUS FAILED MAIN STREET

In November, America Lost11,000 Jobs And Unemployment Remains In Double Digits. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed: 12/4/09)

Since Obama Signed His $787 Billion Economic Experiment In February, Over 2.8 Million Jobs Have Been Lost.  (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed: 12/4/09)

BUT OBAMA’S JOBS SUMMIT SHUNNED IDEAS FROM REAL JOB CREATORS, LISTENED INSTEAD TO SUPPORTERS OF STIMULUS I …

Obama’s Jobs Summit Lacked “Diversity Of Opinion,” Representation From Groups Representing Job Creators. “President Obama is hosting a ‘jobs summit’ at the White House Thursday that will be packed with business leaders and economists supportive of White House policies but lacks a diversity of opinion … Missing from a partial list of attendees released by the White House are the self-proclaimed voices of business - the U.S. Chamber of Commerce and the National Federation of Independent Business - both of which have been critical of Mr. Obama’s proposed health care overhaul.” (Kara Rowland, “Critics Not Invited To White House ‘Jobs Summit,’” The Washington Times, 12/2/09)

Instead, Obama Listened To “Very Same People Who Gave Us The Stimulus Package.” “Confirmed attendees include liberal economists credited with shaping the $787 billion stimulus package, union leaders, environmental advocates and executives from Google and other blue-chip firms ... ‘He’s going to get lots of recommendations to spend more money,’ said Peter Morici, a professor at the University of Maryland’s Robert H. Smith School of Business. ‘These are the very same people who gave us the stimulus package ...’” (Kara Rowland, “Critics Not Invited To White House ‘Jobs Summit,’” The Washington Times, 12/2/09)

IN ORDER TO CREATE AND SHOVE THROUGH STIMULUS II

Job Summit Attendees Included Liberal Economists And Think Tank Leaders Who Have All Called For “More Federal Spending” For Stimulus II. “More federal spending to generate jobs is a likely subject at Thursday’s summit given that guests will include economists such as Paul Krugman, who has argued that the first stimulus package was not large enough. Likewise, chiefs of the Center on Budget and Policy Priorities and the Economic Policy Institute, both of whom are slated to be in attendance, have called for more federal dollars to aid states experiencing budget shortfalls.” (Kara Rowland, “Critics Not Invited To White House ‘Jobs Summit,’” The Washington Times, 12/2/09)

And Obama Advisor Valerie Jarrett Said “Range Of Suggestions … Being Considered” For “Stealth Stimulus” II “But a moment later she said the White House was already looking at tax credits and other measures to further stimulate the economy. ‘There are a range of suggestions that are being considered right now by his economic team, and we’ll see what we come forward with,’ she added.” (Michael Scherer, “The White House Readies A Stealth Stimulus, Time, 10/19/09)

So Congressional Dems Planning To Rush Through Stimulus II Before End Of The Year. “House Democratic leaders are floating the idea of adding job-creating measures to a must-pass omnibus spending bill … An omnibus bill is currently seen as the best, if not only, option to pass more targeted job-creating legislation this year … House Speaker Nancy Pelosi (D-Calif) and House leadership are considering a two-pronged approach in the bill: Bolstering safety-net programs like COBRA and food stamps, while also funding infrastructure projects.” (Jake Sherman, “House Democrats Float New Jobs Plan,” Politico, 12/2/09)

Stimulus II Could Cost As Much As $300 Billion. “The cost of a new jobs bill Democrats hope to move early next year runs to nearly $300 billion when major proposals under serious consideration are added up. Lawmakers are calling for extending aid to the unemployed, infrastructure spending, a hiring tax credit and increased small business loans.” (Walter Alarkon, “Job Proposals From Democrats Could Add $300 Billion In New Federal Spending,” The Hill, 12/3/09)