On CNBC this morning, Paul Ryan discussed President Obama's stimulus speech and explained the problem with most of Obama's proposed tax cuts: They're temporary.
"The payroll tax cut that, to me, is not a bad idea. It's always good to let people keep more of their own money," Ryan said. "But it's no substitute for fundamental tax reform--for certainty. It's temporary stuff."
In a speech to a joint session of Congress this evening, President Obama introduced a $450 billion stimulus proposal plan he claimed would get Americans back to work. "There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans – including many who sit here tonight. And everything in this bill will be paid for. Everything."
Solyndra, the stimulus-backed green energy firm filing for bankruptcy, had a fairly cozy relationship with the Obama administration. The company's Fremont, California plant was the setting for a May 2010 speech by President Obama, where he touted the stimulus and its development of green manufacturing. Here's part of what the president had to say then (emphasis added):
At his jobs address to a joint session of Congress next Thursday, President Barack Obama might want to skip any mention of his green jobs initiative. The Bay Area's NBC affiliate reports that a high-profile green start-up called Solyndra, which benefited from federal loans from the stimulus package, announced it would be filing for Chapter 11 bankruptcy:
The Mercatus Center at George Mason University has just released an important new study on the hiring practices of firms that used stimulus funds. It's fairly comprehensive, based on over 1,300 surveys of managers and employees. There's been very little good empirical data on the stimulus thus far, so the study contains a lot of valuable insights. Among the findings by authors Dan Rothschild and Garrett Jones:
On MSNBC's Morning Joe today, economist Jeffrey Sachs, a self-professed supporter of Barack Obama in 2008, said the president has no plan to save the economy and that "there's never been a plan."
"The quintessential image, sadly, of an administration that I supported and hoped for much better, is the president waiting by the phone to hear what Congress calls to tell him," said Sachs. "It doesn't work in this country that way. It's not a matter that it's August. It's a matter that it's August 2011."
"Shovel-ready was not as shovel-ready as we expected," President Obama joked earlier this month at a Jobs and Competitiveness Council in North Carolina. The joke was in reference to a key element of the president's failed stimulus plan, which was meant to provide cash for quick projects that in turn would supposedly create jobs.
On Sunday, I noted that an estimate from President Obama’s own economists shows that the economic “stimulus” has cost taxpayers $278,000 per job and that, without the “stimulus,” 288,000 additional jobs would have been