It appears as the economy will not recover in the President’s first four years. During his most recent news conference Barack Obama acknowledged that “bouncing back from the recession has been painfully slow,” while pushing his administration’s new economic proposals hoping to create new job market growth.
Obama again this year urged the Senate to pass his small business jobs bill. The Republicans continue to block any of Obama’s attempts to create a jobs bill. One key Republican Ohio Senator George Voinovich stated “he would not help GOP leaders block the bill”. The Republicans want to extend the Bush tax cuts. This is a good idea for big businesses but only in a booming economy. The tax cut does nothing for the middle class.
Still, Obama stated, there is “room for discussion” on the Bush tax plans. “If the Republican leadership is prepared to get serious … I would love to talk to them,” he stated to reporters at the White House news conferences. But the Republicans plan to extend Bush tax cuts for individuals earning more than $250,000. Obama lay blame on Republicans holding middle class income tax cuts captive by attaching them as extension tax cuts for wealthier Americans and attempts to dip into social security.
When the Republicans seizes control of Congress as expected in the November 2 midterm elections, They will use the bulk of its power to push for the Bush tax cut extension. The same policies that have the nation’s unemployment rate at 10 percent and growing, lack of new job hiring that again does nothing for middle class and consumer spending. The same tax cuts that have the economy in the current recession.
Now the government wants more overspending as Obama is pushing for a new $350 billion stimulus plan to lift the economy, including $200 billion in tax cuts for businesses. (Sounds familiar – Bush tax cuts for big business). This also includes a $50 billion proposal for infrastructure investment in construction projects, as well as $100 billion to extend tax credits to businesses permanently for “research and development”.
Republicans continue to pound the Democrats on what they call a “nonexistent plan for dealing with the troubled economy”. So what exactly are the Republicans offering other than the Bush tax cuts rhetoric?
GOP House Minority Leader John Boehner released a two-part plan to fix the economy calling for Congress to freeze government spending with a two-year freeze on all current tax rates. Does this include a Bush tax rate which is keeping small businesses from creating jobs? Republicans have also proposed a “two-part plan to boost the economy” by freezing all tax rates for two years and cutting spending from all government stimulus packages. Wasn’t all of this started by the Bush administration?
Here‘s the bigger picture. Obama never had a plan to stabilize the economy and create job growth. During a presidential primary, on Super Tuesday when a candidate wins that particular primary and the leading economic indicator tilts down towards the right. That candidate is good for business causing boom for the next eight years. If it tilts to the left the candidate has no economic plan to boost federal, public and private sector growth. Obama is the first candidate to win the presidency on issues running on “change”. The last three presidents Reagan, Bush, and Clinton boosted the economy with a surplus that provided boom for expenditures. Both Obama and McCain were the only two candidates the American people had no choice. The recession is not an issue for the midterm election but for the 2012 presidential election.