But there's little if any GOP support for Obama's micromanaging plan to offer a payroll tax holiday for businesses who hire more workers or give their existing employees raises, or give tax credits of up to $4,000 to employers who hire people who have been out of work for more than six months. Jobless for five months? Sorry, pal.
In a survey by the Times, many firms said their hiring depends on their sales, not on tax credits. "Business demand is what drives hiring," said the owner of Nutsonline, an e-commerce nuts and dried fruit company in Cranford, N.J. Others said that all too often the tax credits go to businesses who were planning to hire anyway.
An official of Chesapeake Energy, a major explorer of oil and gas, said the Obama tax credit "does not drive our hiring." Another, Roger Tung, chief executive of Concert Pharmaceuticals in Lexington, Mass., said the credit wouldn't cover the costs of hiring one additional employee after benefits were figured in. Hiring would pick up only when investor confidence grew so his firm could raise more capital, Tung said.
But capital is not in Obama's vocabulary. Republicans who favor permanent income tax cuts for businesses, individuals and investors say that Obama's economic policies have failed in part because they are temporary and lack capital investment incentives that affect every level of the economy and every business large and small.
Much if not most of Obama's tax cuts come with strings attached, which is the hallmark of government economic central planning that never works. As for his infrastructure spending, once the contracts are completed, the jobs end, just as they did in the past 2 1/2 years of his presidency.
Another key part of Obama's "new" economic policy was unveiled Monday when the White House proposed raising taxes by $467 billion on corporations, investors, investment fund managers, people earning over $200,000 a year, and end or limit a number of tax breaks, including charitable deductions.
So let's get this straight. Our economy has virtually stopped growing. Job creation has stalled. The government says the jobless rate will likely remain at around 9 percent this year and next. Millions of Americans owe more on their mortgages than their homes are worth. Major corporations have announced tens of thousands of layoffs in the months to come.
And the president's answer is to raise taxes on the economy by nearly a half-trillion dollars?
Obama's plan is going nowhere in this Congress. It's time to let a seasoned economic player step up to the plate, someone who can produce some big growth and jobs numbers to replace the zeros on the scoreboard.