JFK’s approach to grow the economy and create jobs
President Obama should amend his current Jobs Act by heeding the advice of former Democratic President John F. Kennedy to grow the economy and create jobs.
From JFK’s State of the Union Address, January 14, 1963
“If we are to prevail in the long run, we must expand the long-run strength of our economy. We must move along the path to a higher rate of growth and full employment.
For this would mean tens of billions of dollars more each year in production, profits, wages, and public revenues. It would mean an end to the persistent slack which has kept our unemployment at or above five percent for 61 out of the past 62 months—and an end to the growing pressures for such restrictive measures as the 35-hour week, which alone could increase hourly labor costs by as much as 14 percent, start a new wage-price spiral of inflation, and undercut our efforts to compete with other nations.
To achieve these greater gains, one step, above all, is essential—the enactment this year of a substantial reduction and revision in Federal income taxes. . . . [A] net reduction in tax liabilities . . . will increase the purchasing power of American families and business enterprises in every tax bracket, with greatest increase going to our low-income consumers. It will, in addition, encourage the initiative and risk-taking on which our free system depends—induce more investment, production, and capacity use—help provide the two million new jobs we need every year—and reinforce the American principle of additional reward for additional effort.”
President Obama, with the current unemployment at 9.1% and the underemployed as measured by Gallup for September, 2011 at 18.3%, this is the Jobs Act your country needs!