From the Associated Press:
First, do no harm. Economists say the most important part of the jobs plan President Barack Obama will unveil Thursday night is the renewal of two measures already in place–a cut in Social Security taxes and emergency aid for the unemployed.
His new proposals, like spending more for transportation projects and cutting taxes for companies that hire the unemployed, probably wouldn’t add many jobs, they say. Not soon, anyway.
“These are not bold, new, big programs,” says Nariman Behravesh, chief economist with IHS Global Insight. “You put everything together, it’s going to be pretty small.”
The job market needs big help. In August, the economy generated zero job growth. And the unemployment rate is 9.1 percent, a level more typical for a recession than for a recovery in its third year.
For Obama, who also faces sinking approval ratings as he goes before a joint session of Congress and on national TV, the options are limited. Congress must approve any new measures, and congressional Republicans oppose new spending.
Read the whole thing here. Lately, most things estimated by economists have been revised downward later on. So, if the trend applies here, Obama’s plan would probably decrease jobs.
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