Quoted Text

Stimulus for job creation a big waste of money

    Re June 4 article, “Reports show employment outlook better”: [Moody’s Analytics’ chief economist] Mark Zandi’s comments that the nation will not recover the 8 million jobs lost in the downturn until 2013 reminded me of a comment made by the CEO of MGM Grand, Las Vegas, four months ago on Fox News’ “Neil Cavuto Show,” when he said it would be a jobless recovery.
    He blamed the banks for not lending him the money to retain 7,500 employees. Therefore, he had to let them go. With a leaner but efficient operation, he further stated that he would not rehire any of the let-go employees. He surely had it right about a jobless recovery.
    I hope that Congress will listen to his wisdom and not recommend a second stimulus package to reduce unemployment, since the first stimulus package had no effect whatsoever in creating jobs.

    NICHOLAS D. PROCINO
    Schenectady

http://www.dailygazette.net/De.....r00907&AppName=1

Obama Renews Call for $30 Billion Plan to Boost Hiring
Published: Friday, 11 Jun 2010 | 8:00 AM ET
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By: Reuters
President Obama Friday repeated his call for Congress to pass a $30 billion package to foster hiring and help tackle painfully high levels of unemployment.

Barack Obama
"I'm hopeful the House will pass these measures next week and that the Senate will follow as soon as possible—with support from both Democrats and Republicans," Obama said in remarks delivered in the White House Rose Garden.

After the worst recession in decades, many small businesses report trouble getting credit.

Obama's proposal would establish a $30 billion fund to boost lending to small businesses looking to hire and expand operations by providing additional capital to community banks.

The House of Representatives' Financial Services Committee approved the Small Business Lending Fund Act last month by a vote of 42-23.

The White House official said Obama will call on the House to approve the plan along with a new state Small Business Credit Initiative that would spur more than $20 billion in new lending through state-based programs.

"And he'll urge Congress to pass other small business proposals including elimination of capital gains taxes for small businesses and new tax relief for small start-ups to spur new business creation," the official said.

With U.S. unemployment at 9.7 percent in May despite an apparent return of economic growth, Obama is under enormous pressure to ease the plight of the jobless.Voters are likely
to punish his Democratic Party in congressional elections in November.

"This legislation would eliminate capital gains taxes for investment in small firms, which will help move capital to these companies across America," Obama said after meeting small businesses owners. "And it would provide tax relief to small start-ups to encourage folks to open up businesses, too."

Job growth and government spending are major issues in November congressional elections in which Republicans hope to gain ground on large Democratic majorities in the House and the Senate.

Some Republicans have opposed the lending plan, arguing it is the wrong prescription for battered small businesses. They have said it would encourage more government involvement in private businesses along the lines of the $700 billion Wall Street bailout known as the Troubled Asset Relief Program (TARP).

...yeah, that is correct. Businesses won't hire because of the evil capitalists banks not lending them money. Now the government can loan out more money and never get it back. Well, we can just raise taxes later.

What does it mean to "eliminate capital gains taxes for investment in small firms?" It must be a boost for his wall street pals. In the meantime, the mom and pops who invest every ounce of the life in a business for 40 years still gets the screwing when they are fortunate enough to sell it.

If the comments were made on "right wing" FOX news they must immediately be disregarded. Obama promised that unemployment would not go over 8% if his plans were enacted. Ooops he did it again! But he sounds so convincing reading his teleprompter?

     Art Laffler has predicting a double dip recession if the evil Bush tax cuts are not reinstated. Just what he need huge increases in dividend and interest taxes? You wanted change-you got change. While they took the folding money.

They're going to spend their way out of debt even if it bankrupts the country leaving us all with nothing.