Digging Deeper

Friday 9 September 2011 - Filed under Uncategorized

The jobs bills “will be paid for”, huh? The Daily Caller:

Obama did not spell out exactly how he would pay for the measures contained in his nearly $450 billion American Jobs Act but said he would send his proposed specifics in a week to the new congressional supercommittee charged with finding budget savings. White House aides suggested that new deficit spending in the near-term to try to promote job creation would be paid for in the future — the “out years,” in legislative jargon — but they did not specify what would be cut or what revenues they would use.

Essentially, the jobs plan is an IOU from a president and lawmakers who may not even be in office down the road when the bills come due. Today’s Congress cannot bind a later one for future spending. A future Congress could simply reverse it.

Currently, roughly all federal taxes and other revenues are consumed in spending on various federal benefit programs, including Social Security, Medicare, Medicaid, veterans’ benefits, food stamps, farm subsidies and other social-assistance programs and payments on the national debt. Pretty much everything else is done on credit with borrowed money.

So he thinks that reaching in the same bag he’s been reaching in for the past 2.5 years is going to “create” jobs,¹ and that the $450 billion dollars will be paid for just cause he says so.

Got it. You have no ideas and don’t intend to pay for them. Awesome.

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1. Of course government can’t create jobs to begin with, so no matter what he would have come up with, he’s still starting from an erroneous base.

2011-09-09  »  madlibertarianguy