The Reviews Are In
Last night, President Obama announced the American Jobs Act, an ambitious $447 BILLION proposal to tackle our nation’s job crisis; modernize our crumbling roads, bridges, and schools; and help lay a foundation for a stronger, more competitive American economy. In addition, the president announced that housing regulators are moving toward a plan that could allow millions of homeowners to refinance their government-backed mortgages at today’s historically low interest rates.
The White House deferred to independent, outside economists to provide estimates of the jobs and economic growth that will be created by the American Jobs Act. These independent reviews are in and they’re very positive:
- Mark Zandi, chief economist at Moody’s Analytics and a top John McCain adviser in 2008, estimates that the president’s plan would add 1.9 MILLION jobs, increase economic growth by 2 percentage points in 2012 and lower unemployment by one full percentage point. Zandi added:
Something like this is much needed. The economy is on the edge of recession.
- MacroEconomic Advisors, a private firm, said the plan could add 1.3 MILLION non-farm jobs in 2012 and another 800,000 jobs in 2013.
- The Economic Policy Institute estimates the plan would increase employment by 4.3 MILLION jobs over the next two years. Accounting for programs that are due to expire and are simply being extended, this means a net increase of 2.6 MILLION jobs.
What’s Next?
During his speech, the president warned a recalcitrant and obstructionist Republican Congress that he would be taking his show on the road in order to put his arguments directly before the American people:
And I intend to take that message to every corner of this country. (Applause.) And I ask — I ask every American who agrees to lift your voice: Tell the people who are gathered here tonight that you want action now. Tell Washington that doing nothing is not an option. Remind us that if we act as one nation and one people, we have it within our power to meet this challenge.
And this morning, the president did just that. He promoted his plan in Richmond, Virgina — the home of Majority Leader Eric Cantor (R-VA) — and exhorted the crowd of 9,000 to contact Congress, much as he had done during the final days of the debt ceiling showdown:
I want you to call, I want you to e-mail, I want you to tweet, I want you to fax, I want you to visit, I want you to Facebook, send a carrier pigeon.
Next on the president’s jobs now road tour will be a stop in Columbus, Ohio — the backyard of House Speaker John Boehner (R-OH). A bus tour and numerous other trips are being planned for the fall, according to the New York Times.
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