Many economists like Obama’s jobs plan, but worry about obstructionists in Congress
HERE‘s the word from ABC News:
President Obamas’s $447 billion American Jobs Act is getting mostly solid marks from business experts and economists, who worry that a divided Congress may be unable to pass anything meaningful in time.
And HERE‘s the word from Politico:
A top economist says President Barack Obama’s job plan will likely add 1.9 million jobs and grow the economy by 2 percent.
Mark Zandi, chief economist at Moody’s Analytics, also said Obama’s $447-billion plan would likely cut the unemployment rate by a percentage point.
And HERE‘s the word from the non-partisan Economic Policy Institute:
President Obama’s jobs plan, if implemented, would boost employment by around 4.3 million jobs (yes, 1.6 million of those jobs would come from continuing temporary policies that are already in place and supporting the economy today, but the new initiatives alone would generate 2.6 million jobs).
And HERE‘s the word from Reuters:
President Barack Obama’s jobs package could lift economic growth by one to three percentage points in 2012, add well over one million jobs and lower the unemployment rate by at least half a percentage point, judging by early estimates.
Analysts at Capital Economics estimated that Obama’s plan is equivalent to 3 percent of U.S. GDP and should be enough to add significantly to 2012 growth if passed in full by Congress.
The biggest single boost could come from a $250 billion reduction in payroll taxes. Obama proposes extending an existing 2 percent cut in the payroll tax and increasing its size to 3.1 percent for workers, and adding a cut for employers.
But, of course, none of this will matter to the pathological Obamaphobes.