Today the President sent his jobs bill to Congress. This is a 447 billion dollar package that according to Jack Lew his Budget Director is completely paid for. It appears all Democrats are on board and agree this bill must be passed so we can get the job market going once again.
How they will pay for this jobs bill is simple if put in layman terms, raising your taxes. If you are single earning 200 thousand or married earning 250 thousand each year you will feel the American Jobs Act with provisions to reduce your itemized deductions currently allowed. By raising the target of the Joint Committee the President feels the american public will agree with the spending.
What is of concern is the first 897 billion dollar spending bill created 100 thousand jobs in the federal government but nothing in the private sector. We have 14 million Americans looking for work and if this jobs bill addressed our deficit spending problems and actually was paid for with funding that doesn’t come from increases in taxes possibly there could be bipartisan support.
However we have been down this road before as Jack Lew stated when discussing the provisions of this bill, ““Will be familiar to most of you because they are ideas we have talked about for the most part for some time. That is the red flag that makes us leery as the administration has been down this path with a Democratic majority and could not get support. Why do they think the support is there now?