Obama said tax cuts create jobs?
 

I'm confused. Just found this segment of an interview, don't know the full context of what was said. From this blip, it sounds like tax cuts for the rich and extended unemployment has the potential to create millions of jobs?

--

The economy will move "backward" if lawmakers don't approve a deal to extend tax cuts for the rich in exchange for more unemployment benefits, President Obama said Thursday.

"Every economist that I've talked to or that I've read over the last couple of days agrees that this agreement will boost economic growth over the next couple of years and has the potential to create millions of jobs," Obama said at a meeting with his Export Council.

Families will welcome tax cuts in their paychecks in January with the deal, Obama said, warning that "if this framework fails, the reverse is true." He added, "Americans would see it in smaller paychecks that would have the effect of fewer jobs."

more unemployment benefits = less jobs.

If you want companies to create more jobs, you have to end government interference in the economy.

Its tax cuts for everyone that create jobs, he had to include the rich to appease the GOP.

How would tax cuts for the not rich create jobs, but tax cuts for the rich not create jobs?

The argument... forever... has been that tax cuts for the rich does not create jobs. Now he is saying the opposite. Political pressure aside... that's a pretty big change in stance.

Tax cuts for BUSINESSES create jobs.

No way, a politician has reversed position on an issue??? I'm shocked... near speechless, I tells ya.

If only there was some precedent for this in the political world, so I could at least console myself with a cynical viewpoint like "this is just business as usual."

I'm so thoroughly disillusioned now, I just don't know how I can go on.

Next you're going to tell me that I can't trust used car salesmen, either....

Its pretty simple economics, people living paycheck to paycheck if you give them a few extra bucks and they will spend it, give someone making a million a year a few thousand more their spending will not change.

Though I disagree with a lot of what both congress and the president are doing with our country, twisting their words doesn't help the situation... :upsidedow

hitler was a tax cutter.

Because tax cuts for the "not rich" get spent within US borders, which bolsters demand, which creates jobs. Tax cuts for the "rich" though get spend outside of the US, on new factories in China or India, or wherever.

Agreed. He's done a 180 on what his stance was 2 years ago. He's caved to pressure. Pretty sad, actually.

Exactly. :2 cents:

So then why not decrease payroll taxes? ... if "more money in a tax payers pocket = economic growth = more tax revenue to government" ???

If any of this actually created jobs, we would've seen it working in the last 6 years .. since this is an extension of an existing tax structure after all.

Economics does not run in 4 year presidential cycles. Economics is a long term game played by short term players with short term ideas.

It's trickle down supply-side Reaganomics. In theory yes, but it doesn't always work. However, we'll have bigger problems if we don't have those tax cuts.

I think the Tax cuts are a start and glad Obama is working with the GOP instead of against them. Of course there are 53 democrats that signed a letter opposing it because of earmarks they want to put on the bill. Greedy fucks.

Spending needs to be cut next

I'm in full support for removing them...:thumbsup:thumbsup

Anyone else catch that "past couple DAYS" part?

Rich people put their money under their mattress poor people are stupid they spend theirs.

I remember the first time I worked a lot of overtime for a couple weeks when I was like 19 and looked at my check and instantly thought "holy fuck!... I'll never do this again"

Not arguing with you. I really hate this argument about lowering taxes for poorer people, but then still robbing their weekly paycheck or overtime pay when this particular argument applies directly how much money gets taken out of someones pay check every single day.

It seems very silly to argue that unemployment benefits need to be extended because it will help the economy and employment but at the same time, punish the vast majority of people severely who want to work more hours and earn more money. After all, one applies to a small minority of tax payers (less than 10%), one applies to the majority (over 90%). So if there are benefits to the whole/greater good, it would seem to make more sense to apply those benefits to the larger segment of the population - thus, benefiting more people and the whole overall.

Good plan if you want to turn tens of thousands of formerly productive, tax paying wage earners into minimum wage peons and/or prison inmates.

If you want to improve the economy, not so much.

Obama wanted to let the tax cuts expire for the richest of Americans, while leaving it in place for middle and lower class. His argument was the rich don't spend their tax cuts but save it, where as the middle and lower class spend their tax breaks, thus helping grow the economy. The expiration of the tax cut on the rich would continue to help close the budget deficit and strengthened the dollar, long term. Closing the budget deficit to 3% of GDP is a big priority for our long term health.

He couldn't get the support through for his original plan, he was blocked because much of the GOP wanted to renew the tax cuts for the wealthiest. If he didn't get a bill through before the new year, then the tax cuts for ALL americans, both poor, middle-class, and rich would expire, and everyone would have a tax raise, and that was seen as incredible damaging to any chance of recovery, so he had no choice but compromise and change paths and renew the tax cuts for the wealthy.

He felt the short-term was more important to deal with, and later on, after more of a recovery, he can go back and attempt to raise taxes on the rich while helping to close the budget deficit. Part of his compromise meant renewing lower tax rates on estate tax, which is a lot of $ to the government.