Obama: My Tax Cuts Will Create A Million And A Half Jobs
On NPR, President Obama is suggesting that the tax cuts included in his deal to extend the Bush tax cuts will create a million and a half jobs and increase economic growth by 1%.
Over the last 48 hours, a range of independent economists — both left and right — have concluded that this package would, in fact, increase potential economic growth by as much as 1 percent and could end up meaning an additional million and a half jobs. And that, I think, has got to be the highest priority for everybody.
A rather incongruous turn about for the President, who once upon a time told us that huge amounts of government spending would create millions of jobs despite that spending representing new debt to be shouldered by the economy. Now lowering the tax burden on businesses creates jobs?
Which is it?
By the way, most of Obama’s deal to extend the Bush tax cuts extends tax policy that is already in place. The only new tax reductions in the deal are a temporary payroll tax holiday.
If Obama thinks the nation’s businesses are going to hire a million and a half workers because of a temporary tax holiday he’s kidding himself.Tags: Barack Obama, bush tax cuts, Economy, jobs