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 ...
This article is shovelready.
450,000,000,000 to create 1,000,000
Really.
How clever.
Jobs plan may create 1 million jobs - economists.......
In China!
And it only costs $400,000 PER JOB to create $55,000 per year jobs!
If $500B creates 1M jobs, then where’s the 2M jobs from the $1T stimulus? The plans are similar, coming from the same cabal, and August added zer0 jobs.
What a load. Somebody’s been hittin’ the happy smoke.
Wow....this, on top of all the jobs the stimulus bill created!!!!!!!!!!!!!!!!!!!
lolololololololol
And how long do these jobs last? A year or two?
The thing about private sector jobs, especially manufacturing jobs, is that they last, because they produce more than they cost. But, getting them is slow, because regulations have to be undone and debt has to be unwound.
Did an of the morons at CNN whip out a calulator and do some quick math before they started lauding creating jobs at the cost of 450k each?
What the House should do is pass the proposed tax cuts only and send the bill to the Senate for Harry Reid to kill or refuse to allow it to come up for a vote.
That’s still nearly $500,000 in taxpayer money for each job. Just give me the money and I’ll let somebody else have my job. How’s that for a plan, 0bama?
what a distortion of the truth!
Since Obama is big on the created or saved jobs number, how about:
1) Give Gibson guitars their legally imported rosewood and ebony back.
2) Let Boeing operate in South Carolina.
3) Back off EPA regulations that will shut down the coal industry.
4) Repeal Obamacare.
5) Let the oil companies exploit US and offshore finds.
Beyond effin words. Did you hear that folks? We're at a RISK of RECESSION! Better PASS IT NOW so we can see what is in it.
Wish someone would do what needs to be done already. It is long past time.
Just pure bs lies...
By the end of that speech, most folks were believing they would grow 6 inches (at each end for males), lose 50 lbs, grow hair (except facial and armpits for women), men would be cured of ED, baldness, everybody would have union paying jobs and the gov’t would pay their mortgages.
No wonder they think his plan will add a million jobs. The man is a miracle worker.
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