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I thought “tax cuts” caused the recession!

President Obama Has Secret Jobs Plan

by Kent Hoover

President Obama said Friday that his economic team is looking at additional steps that can be taken to grow jobs in the United States.

Some might say it’s about time. The Bureau of Labor Statistics reported that the unemployment rate in October climbed to 10.2 percent—its highest level in more than 26 years. Others would say please, no more help. They contend the federal government is doing more to stifle job creation than spur it, because of policies that will lead to higher taxes, higher health care costs, and higher energy prices.

Economists agree that job growth tends to lag overall economic growth, so a little patience is in order. Gross domestic product increased by 3.5 percent last quarter—the largest quarterly increase in two years—so jobs should follow, eventually.(not really; that was an annualized figure, so actual growth for that quarter was one fourth of the reported figure, or .875%-r108)

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To speed job growth, the president said his economic team “is looking at ideas such as additional investments in our aging roads and bridges, incentives to encourage families and businesses to make buildings more energy efficient, additional tax cuts for businesses to create jobs, additional steps to increase the flow of credit to small businesses, and an aggressive agenda to promote exports and help American manufacturers sell their products around the world.”

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Inaction may not be such a bad thing—despite the higher unemployment rate, the rate of job loss is slowing. By the time Obama has decided on his jobs plan—or at least by the time Congress has enacted it—the private sector may have taken care of the unemployment problem on its own.

So the best jobs plan may be the simplest jobs plan: First, do no harm.

When President Bush cut tax rates to facilitate economic growth, yielding about a 5% unemployment rate, the lefties squealed that he was causing a recession.  Now, in times of 10+% unemployment due to the threat of higher taxes and more punitive regulations on the private sector, Obama is promising that his “tax cuts” will “boost job growth”.
There may be an additional layer of flim-flam here: President Bush’s modest tax rate cuts are due to expire in early 2010, so Obama might just renew them, and call that a “tax cut”.