President Obama “Can’t Wait”
“The election is 13 months away. And folks can’t afford to wait that long.”
He’s actually been saying this since he announced his jobs plan in mid-September, but it has now become a slogan for his re-election campaign.
Of course, one has to remember that this is not the first time he has proposed these job “creation” ideas. Stimulus 1 was billed in much the same way as this current “plan,” that the construction workers and teachers who were given jobs would spend that money and thereby create demand and businesses would hire. Obviously, that isn’t how things worked.
The President then tried the stimulus again, in different pieces. There was the second teacher bailout, the second infrastructure spending bill, the payroll tax holiday, the tax credit for hiring the unemployed and of course all the extensions of unemployment insurance.
Now is the third attempt for most of these policies (the second attempt for the rest). The first attempts didn’t work because taking money out of the private sector and giving it to the public sector for temporary jobs does not create lasting demand. Businesses aren’t fooled, they know the money won’t last and because this kind of spending doesn’t create that many jobs it makes no sense to try it again.
With poll numbers in the low forties or upper thirties, it seems that President Obama is the one who “can’t wait” for the economy to recover.