Even Pelosi Says Bill Equals NO New Jobs

The $5,000 new worker tax credit does not create any incentive for already-struggling companies to begin long-term hiring.  The Obama administration acknowledges the legislation's centerpiece, a tax cut for businesses that hire unemployed workers, would work only on the margins.  It won't actually create many jobs.  Businesses don’t create jobs for a tax credit.  If Obama or any of his administration had any business experience they would know this.

House Democrats peppered Treasury Secretary Timothy Geithner last week with questions about whether a tax credit for hiring workers, as Obama proposes, would actually increase employment. Geithner defended the idea, but acknowledged that businesses won't start hiring until demand for their products and services increases.

Harry Reid is trying to get support for a Senate alternative.  The new jobs bill is a big jobs bill that would hand Barack Hussein Obama a badly needed victory and please Republicans with tax cuts at the same time.  This provision would exempt businesses from paying Social Security payroll taxes on new employees hired this year, as long as the workers had been unemployed at least 60 days.

Is this bill discriminatory?  People have to be unemployed for over 60 days.  So I’m the most qualified but I’ve only been unemployed 45 days, and don’t get the job.

The tax credit is part of a bill that offers few other new programs to create jobs. Instead, it would extend existing help, such as unemployment payments for those whose benefits have run out, and a subsidy for health insurance premiums under COBRA, the federal program that allows workers to keep their company's health insurance plan after they leave their jobs. About $33 billion in popular tax breaks that expired at the end of 2009, including an income tax deduction for sales and property taxes and a business tax credit for research and development, would be extended through 2010.

The Senate plan would save companies 6.2 percent of the new workers' salaries that are subject to Social Security taxes. A company could save a maximum of $6,621 if it hired an unemployed worker after the bill was enacted and paid that worker at least $106,800 — the maximum amount of wages subject to Social Security taxes — by the end of the year. The company could get an additional $1,000 on its 2011 tax return if it kept the new worker for at least a full year.

Rys, of the National Federation of Independent Business, said the credit could speed hiring once employers need more workers. But, he said, NFIB members aren't seeing many signs of improvement.  "Right now, business owners just don't have customers," Rys said. "Until you have work for the employee to do, there's really less of a reason to hire a new worker."

Everything Obama has done stops jobs growth.  None of his policies have worked.  These are more of the same failed Keynesian ideas.   Obama has deliberately said and done more to hurt employment than help it.

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