Friday, September 09, 2011

Links To Differing Opions On President Obama's New Economic Policy Proposals

First, here is a link from the White House about the proposal:

Fact Sheet: The American Jobs Act.

Here is a quick summary from Megan McArdle (who writes for The Atlantic Monthly):

Tax cuts: $250 billion

•Payroll tax rebate on first $5 million in payroll, which the president says will reach 98% of American companies, plus complete rebate for new hires or raises
•Extending payroll tax cut
•Extending 100% expensing of business investment
•(A bunch of regulatory streamlining that is likely to have little effect and is bizarrely classed as a tax cut)
•Tax credits for hiring unemployed veterans, particularly those with service-connected disabilities
•$4,000 per worker for hiring workers who have been unemployed for more than six months

Infrastructure: about $100 billion

•$50 billion for new infrastructure projects
•$10 billion for an infrastructure bank
•$15 billion to rehab vacant and foreclosed homes/businesses
•Some undisclosed sum for getting high speed wireless to "98% of American"
•$25 million to rehab schools

Direct assistance: About $100 billion (?)

•Continuing the extension of unemployment benefits
•Various retraining/wage support ideas that are supposed to help the structurally displaced to transition into new careers.
•$35 billion for preserving/hiring teachers, cops and firefighters
•Federal assistance in refinancing to current mortgage rates

Now links to the various opinions:

Obama's Job Plan: Mostly More of the Same (by McArdle)

Obama’s Jobs Bill: A Reasonable Plan (by Justin Wolfers, economics professor at the University of Pennsylvania)

Obama’s Costly, Unaffordable, Harmful New Stimulus: The “American Jobs Act” (by Hans Bader of the Competitive Enterprise Institute)

A missed opportunity (by Scott Sumner, economics professor at Bentley University)

Obama’s Job Speech Full of Bad Ideas (by Chris Edwards of the Cato Institute)

Obama’s Jobs Speech: Bolder Than Expected (by Mark Thoma, economics professor at the University of Oregon)

Jobs plan may create 1 million jobs - economists (from CNN)

Republicans make nice, but wary of Stimulus 2 (from CNN)

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