Obama 2012 Campaign Helped By MoveOn.org, AFL-CIO Super PAC Alliance

The $474 billion "Jobs Act"?:

What we got from Obama was a 2009 "Stimulus Light" proposal, with all the problems of the prior 2009 stimulus package in the form of inadequate magnitude of spending, wrong composition and targets and bad timing.

First, on the matter of the magnitude of spending in the proposal, some think it was bold. But put it in context; $447 billion just won't achieve the job creation it claims. It's once again too little for an economy the size of the US, for an economy in as deep an economic hole as it is and in an economy facing growing downward momentum at home in the context of a global economy also rapidly slipping.

In February 2009, President Obama proposed $787 billion in economic stimulus. Unemployment was about 25 million. More than two years later, after the $787 billion has been spent, unemployment (measured by the Labor Department's U-6 rate) is still around 25 million. Why, therefore, should Obama's latest proposals to create jobs, consisting about half the size of the 2009 stimulus, expect to create jobs when the larger stimulus did not?

Even more important than Obama's Jobs Act's insufficient magnitude, the composition is also seriously deficient - just as was the 2009 stimulus. Like the stimulus in 2009, it is once again overloaded in tax cuts. In fact, a greater percentage (60 percent) of the total Jobs Act is composed of tax cuts than was the 2009 stimulus (38 percent). Then and now, tax cuts simply cannot and will not create jobs, given the kind of "epic" recession in which the US economy now finds itself entrapped.

Read more -
About Barack Obama 2012
Read the Article at HuffingtonPost