Research Briefing

LAST WEEK’S HEADLINE: “OBAMA TO TOUT JOBS PUSH” (Jonathan Weisman and Peter Wallsten, The Wall Street Journal, 1/27/10)

SO ARE THESE HEADLINES ALSO FROM LAST WEEK?

“Obama’s No. 1 Job Is Boosting Economy”

“Obama Says Boosting Jobs Is A Top Priority”

“Obama’s Jobs Program Takes Center Stage”

“Obama Vows To Fight Cycle Of Job Losses”

“Obama: ‘Dramatic Action’ Needed Now To Fix Economy”

“Economy Back At Center Stage …”

“Cycle Of Job Loss Must End, Obama Says”

“Congress To Focus On Creating Jobs, Colorado Lawmakers Say”

“Surging U.S. Unemployment Rate Puts Pressure On Obama”

NOPE, THEY’RE FROM LAST YEAR

“Obama’s No. 1 Job Is Boosting Economy” (Editorial, The Chicago Sun-Times, 2/11/09)

“Obama Says Boosting Jobs Is A Top Priority” (Alister Bull, Reuters 11/24/09)

“Obama’s Jobs Program Takes Center Stage” (Claude Solnik, Long Island Business News, 1/16/09)

“Obama Vows To Fight Cycle Of Job Losses” (The Associated Press, 3/6/09)

“Obama: ‘Dramatic Action’ Needed Now To Fix Economy” (Liz Sidoti, The Associated Press, 1/16/09)

“Economy Back At Center Stage …” (The Associated Press, 1/21/09)

“Cycle Of Job Loss Must End, Obama Says” (Justin Hyde & Todd Spangler, The Detroit Free Press, 2/10/09)

“Congress To Focus On Creating Jobs, Colorado Lawmakers Say” (John Fryar, Longmont Times-Call, 1/5/09)

“Surging U.S. Unemployment Rate Puts Pressure On Obama” (Bob Willis, Bloomberg, 3/7/09)

WHY THE REHASHED HEADLINES?

Obama $862 Billion Stimulus Failed To Stave Off Double-Digit Unemployment. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 1/24/10)

• Even Though White House Predicted Unemployment Would Not Rise Above 8 Percent With $862 Billion Stimulus, Jobless Rate Currently In Double Digits. (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09; U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 1/24/10)

And Businesses Not Hiring Because Obama’s Liberal Tax-And-Spend Agenda Creating “Inertia [That] Could Impede An Economy Recovery.” “But a health-care overhaul grinding through Congress could bring unknown new obligations to insure employees. Bush-era tax cuts are set to end next year, and their fate is unclear. Legislation aimed at tackling climate change might raise businesses’ energy costs ... Many companies say they have responded by freezing hiring, cutting benefits and delaying expansion plans. With at least 60% of job growth historically coming out of the small-business sector, according to the government’s Small Business Administration, that kind of inertia could impede an economic recovery.” (Gary Fields, “Political Uncertainty Puts Freeze on Small Businesses,” The Wall Street Journal, 10/28/09)

• Entrepreneurs Reluctant To Hire When Obama’s Legislation “Could Make Their Business Projects Unviable.” “Why has private-sector job creation fallen so sharply? Businesses are retrenching wherever they can, taking measures to survive the immediate downturn such as laying off workers and conserving cash. The policy agenda in Washington--the health care legislation, cap-and-trade legislation, higher taxes to pay for more spending--has also contributed to businesses’ unease about the future. Entrepreneurs are reluctant to invest when they fear that federal legislation could make their business projects unviable.” (James Sherk and Rea S. Hederman, Jr., Op-ed, “Thanks For The November Jobs Report?,” The Wall Street Journal, 12/4/09)

Now Top Obama Economist Admits Last Year’s Problems Are Still “All Exactly The Same” And So Are The Responses. “But National Economic Council Deputy Director Jason Furman said many of the problems — from job creation to government spending — ‘are all exactly the same as last year. A lot of the responses are building on what was done over the last year.’” (Jeanne Cummings, “Economists: Jobs Fix Won’t Be Quick,” Politico, 1/27/10)

So Obama Democrats Pushing Budget With Stimulus II, Which Contains “Familiar Mix” Of Projects From Stimulus I. “Democrats in the House Wednesday muscled through a year-end plan to create jobs, mixing about $50 billion for public works projects with another almost $50 billion for cash-strapped state and local governments. … But there’s also another $20 billion from the federal treasury to keep the highway trust fund afloat. The measure blends a familiar mix of money for highway, transit and water projects and aid to help communities retain teachers and firefighters. There’s also $41 billion for a six-month extension of more generous unemployment benefits and $12 billion to renew health insurance subsidies.” (Andrew Taylor, “House Narrowly Approves Year-End Jobs,” The Associated Press, 12/16/09)

• CNN: “They’re Not Calling It Stimulus 2, But The Obama Administration Wants To Extend The Life Of Several Recovery Act Provisions By Building Them Into The Federal Budget …” (Tami Luhby, “Stimulus: Secret Sequel In The Budget,” CNNMoney.com, 2/1/10)