President Obama hosted a job summit this week with academics, business leaders, and labor representatives at the White House. Some of the ideas discussed included spending to create jobs, potential tax credits for employers for new hires, a payroll tax holiday for employers, and big government work programs like those of the 1930s.
Weighing against new jobs programs, however, are two main issues. First, the $800 billion stimulus didn’t achieve much in the way of recovery. Unemployment remains high and millions of jobs haven’t been created as promised by the administration. The concept of “saved” jobs has been discredited, much of the money spent so far seems to have been wasted, and the promise of good reporting and oversight has gone unrealized.
Second, trillions of dollars in projected federal budget deficits over the next decade threaten long-term economic stability and complicate the president’s spending plans.
http://www.american.com/archive/2009/december-2009/the-jobs-picture-crashes-into-debt-realities
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