There are not many world leaders who make me groan whenever they are in the news (good or bad). Obama is definitely one of them. I along with many others have long been calling for Washington to produce a jobs bill to get the U.S. economy moving again. I have long criticized the Republicans for talking big during the mid-terms but doing absolutely nothing with their “mandate”, and I have also criticized Obama for an underwhelming stimulus and lack of a jobs bill. Obama’s announcement of his jobs bill should have been a monumental day for the U.S. economy and world markets. However as usual with this President, there is a lot of rhetoric but little substance.
The ASX opened strongly after news of Obama’s announcement, but much like every other major market ended Friday in the red. The reason for this was that while much was promised, just like the debt ceiling and countless other examples before it, there was no substance to the plan. There are very few specifics on policies and actions. Obama has claimed that the plan will be deficit neutral, but has not outlined how. Furthermore, as virtually all the measures require congressional approval, few measures will have an immediate impact. To cap it all off, White House insiders are already admitting there is very little likelihood of anything passing. Obama has once again proven he can talk, lets see if for once something happens. I highly doubt it.
Obama announces $447 billion economic plan
Staff writers David A. Fahrenthold and David Nakamura contributed to this report.
The Washington Post
9 Sep 2011
away.” The $447 billion cost of the program is more than half that of the stimulus package Congress passed in 2009 and reflects the severity of the nation’s economic challenge. Last week, the government reported that job creation came to a halt in…read more…