President Obama Unveils $447B Jobs Creation Plan

At 7 p.m. last night, U.S. President Barack Obama unveiled his $447 billion jobs creation plan in a speech to a joint session of Congress.

“I am sending this Congress a plan that you should pass right away. It’s called the American Jobs Act, ” said Obama. “Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans – including many who sit here tonight. And everything in this bill will be paid for. Everything.”

A breakdown of the jobs package sounds similar to the $300 billion stimulus package that Obama signed right after taking office in 2009. According to CBS, more than $100 billion will go towards infrastructure and a similar amount will be comprised of money to states to hire more teachers and first-responders and tax breaks for small businesses.

There was no mention of tax hikes to help pay for the jobs package, but we know that’s coming. Still, economists see no Hope or Change in Obama’s latest money wasting proposal.

“It’s not good stimulus,” said Alice Rivlin, a Democratic member of the president’s Debt Commission and former head of the Office of Management and Budget.

“It doesn’t come online fast enough. If you’re really talking about things that will create jobs quickly, you need to rely on either direct government hiring in the manner of things done in the Great Depression, or demand-side things that will get more money spent by wage earners,” she said. Source

Others referred to tonight’s unveiling of Obama’s jobs creation plan as just another campaign speech.

“For cripes sake, he moved [his speech] up an hour in order to accommodate a football game,” wrote’s Allahpundit.

CLICK HERE to read the full transcript of Mr. Obama’s jobs creation speech.

Via: SR

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