Posted on 09/09/2011 7:56:07 PM PDT by MinorityRepublican
President Obama laying out his proposed jobs plan to Congress Thursday night.
NEW YORK (CNNMoney) -- Economists gave generally positive reviews to President Obama's jobs plan Friday, with some estimating that at least 1 million jobs could be added in the next year if Congress passes the package.
The payroll tax holiday for workers and small businesses was cited specifically for having a relatively good "bang for the buck." And that part of the plan may have the most bipartisan support.
"This additional spending capacity in the hands of consumers should continue to foster improvements in aggregate domestic demand. And ultimately, it is demand and demand alone that will lead to more business hiring," said Russell Price, senior economist for Ameriprise Financial Services.
Price estimates the increased payroll tax holiday for workers by itself is likely to add between 750,000 to 1 million jobs, and that the new break on payroll taxes for employers could add an additional 100,000 to 200,000 jobs.
He added that gross domestic product, the broadest measure of the nation's economic activity, could get a 1.5 percentage point boost as well.
Macroeconomic Advisors, a St. Louis research firm, estimates that payrolls would grow by 1.3 million by the end of 2012 and another 800,000 by the end of 2013, if the package passed as proposed. It is looking for a 1.3% rise in GDP.
Joel Prakken, chairman of Macroeconomic Advisors, said even if the impact to the economy is short lived, the jobs plan should be passed.
"Given the elevated risk of recession the U.S. faces today, additional near-term stimulus reduces that risk," said Prakken. "Given the deleterious effects of long-term unemployment on an individual's skills and long-term employment prospects, speeding a return to employment is both individually and socially beneficial."
(Excerpt) Read more at money.cnn.com ...
Creating a job should add to the economy not cost the treasury.
How did that Solar company work ,Obama? $500Million and NO jobs.
Another $8Trillion and voila! full employment.
Who are these so-called economists?
He only mentioned teachers,police and i think construction workers in his speech. All unionized.
1. Let the glass breaking begin.
2. Hand out the spoons.
3. Get the Arab Spring done already.
4. Outlaw Earthquakes and Tsunamis.
5. Remove the name “Bush” from all books, publications, the Internet and all public discourse.
I think that should about do it. So it is written, so it shall be done. Obama’s compassion and genius is boundless.
( Yeah, that's the ticket. )
So Obama flings largesse around, then commands somebody else pay for it.
What an ass.
LOL!
"We have economists on the payroll, don't we Tom?"
True to government form, more of the money will be eaten up by “administrative” fees before the first shovel ever hits the ground. Any money going towards a public works job is just going to be wasted on union scale wages, inflated material costs, and mysterious budget overruns. The is just obama throwing the unions a bone for being such a bunch of loyal group of lackeys.
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