What world is it you live where big companies spend their day operating as charities? Jobs will be lost, and in my state alone over 20 billion dollars a year in business was telemarketing sourced. Times that by 50. It won't be that big, but Bush may well regret he signed that thing come the next election. Even if the economy does well, he may say, wow, it could have soared. Well, that was his call. We shall see.
The money spent by corporations for telemarketing will be shifted into other types of marketing- like radio or tv ads, billboards, direct-mail campaigns etc. The money won't just disappear into the aether.
What world do you live in that you expect me to suffer so that these annoying folks can stay employed? If they don't do something that society wants, they ought to find other work. And society has spoken loud on this one - we the people who have been rendered powerless to police the trespassers on our own phone equipment are asking the government to help us.
If this has any effect on Bush's re-election, it will undoubtedly be positive as people remember the nearly unbearable barrage of phone calls that they used to get before the federal list was started. There's a whole lot more voters in favor of this than against it.