Tags: Golub | Obama | Jobs | Bill | Boggles | Mind

Harvey Golub: Obama's Jobs Bill 'Boggles the Mind'

Thursday, 22 Sep 2011 08:09 AM

President Barack Obama's $447 billion jobs bill is mind-boggling in that raising taxes and government spending will not create jobs, says Harvey Golub, former CEO of American Express.

The bill, a mix of tax breaks and projects such as infrastructure development, is designed to increase demand for jobs, which the economy needs to recovery.

The problem, Golub says, is that stimulus measures don't produce lasting demand, and Obama's proposals come hand in hand with tax hikes that claim to target millionaires and billionaires but in reality punishes small businesses and blocks them from hiring.

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President Barack Obama
(Getty Images photo)
"First and foremost, the president has promised to raise tax rates on the 'millionaires' making more than $250,000 per household. Meanwhile, he's ignored entitlement reform, retarded the development of our energy resources, and added new layers to our regulatory burden," Golub writes in The Wall Street Journal.

"He's also increased the uncertainty inherent in an already dysfunctional and perverse tax code, added trillions to our national debt, spent taxpayer money ineffectively and inefficiently, tried to micromanage the economy, and acted as an incompetent venture capitalist by investing in 'green jobs' and high-speed rail."

The jobs bill is not exactly rushing through the legislature.

Senate Leader Harry Reid, D-Nev., admits that the Senate floor was "pretty well jammed now," ABC News reports.

Republicans have been quick to point out that Democrats aren't flocking behind Obama on the bill.

"The president has been running around the country trying to set a record for the number of times he can say 'pass this bill right away' in a five-minute stump speech," says Senate Minority Leader Mitch McConnell, R-Ky., ABC News adds.

"Meanwhile, his communications director is telling people the president doesn’t really expect the bill to pass. And the Democratic majority leader of the Senate is treating it like a legislative afterthought."

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President Barack Obama's $447 billion jobs bill is mind-boggling in that raising taxes and government spending will not create jobs, says Harvey Golub, former CEO of American Express. The bill, a mix of tax breaks and projects such as infrastructure development, is...
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Thursday, 22 Sep 2011 08:09 AM
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