While his President repeated the chant, “Pass it NOW!”, Senate Majority Leader Harry Reid (D, NV) chose to schedule consideration of the Jobs Bill in late October, after holiday recesses and lesser bills. Obviously, the Leader knows it won’t pass his own majority. Now comes the confirmation:
Durbin says Democrats don’t currently have the votes for Obama jobs bill (The Hill, Friday, Sept. 30, 2011)
“The oil-producing-state senators don’t like eliminating or reducing the subsidy for oil companies,” Durbin said.
Maybe they simply see reality: Reducing oil industry “subsidies” simply raises the price of gasoline. There is no way to force companies to run deficits in order to look like they are helping the economy. Look at return on investment and you’ll see the Democrat Senators from the oil producing states are correct in rejecting this “feel good” measure.
IF the president really cared about creating jobs, he’d focus the entire stimulus on suspending FICA taxes for as long as the money holds out. Further, it could be paid for by delaying the start of Medicare/SS benefits for those under 40 by 6 months for each year of “holiday” the stimulus buys.
This would IMMEDIATELY give every working person a 7.5+% increase in take home pay and every school district, township, city and state (and other employers) would immediately see a 7.5+% increase in their labor budget (reduction in labor costs by not having to send the IRS the employER share of the 15+% FICA tax.)
Many Republicans would go along with this since the delay in retirement age for the young will ultimately be the solution to the SS and Medicare funding problems.
The Dems should go along, in spite of the rhetoric of “never” changing entitlement benefits, for one KEY reason:
….frankly, there is no possible way to increase jobs before the election (and save Dem seats) unless the jobs stimulus has IMMEDIATE effect.
This is obvious to anyone who looks at reality and thinks about the facts as demonstrated by history. Of course it won’t happen because ideology rules the Democratic party even more than the Republican.
Very sad for the unemployed, for the future of our children and grandchildren, and thus the nation.