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Obama's Speech Is No Job Creator

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This was supposed to be the “summer of recovery.” The $800 billion stimulus was passed with the promise that it would keep unemployment under 8%. Now, we have stimulus 2.0. Doing the same thing and expecting different results is the definition of insanity. In fairness, the Republicans have brought nothing to the table either for long term growth.

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Let’s call this what it is -- a temporary jobs plan designed to get the unemployed working before the next election. This provides for little to no long-term economic growth.

A temporary tax break, $240 billion, for hiring employees that aren’t needed is not a jobs plan. Creating demand is a jobs plan. Giving $35 billion to states so they don’t have to balance their budgets only keeps jobs for those teachers and police through the next election, very convenient but a perfect example of “kicking the can.”

Infrastructure spending of $105 billion puts people to work temporarily paving over existing pavement, but does nothing to open up commerce long term. Extending unemployment benefits past 99 weeks is not a jobs plan, it is a social safety net expansion-whether this is right or wrong doesn’t matter if it is jobs you are trying to create.

Telling companies that have cash on the balance sheet to hire workers that they don’t need is not a jobs plan.

Google (GOOG) is going to create more jobs than the US government with its investment in the Atlantic Wind Connection than this $447 billion re-election bill.

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Google is funding, with others, the Atlantic Wind Connection which provides DC electric infrastructure for off shore wind farms on the East Coast. There is a 38-40 mile outer shelf along the East Coast that is perfect for wind farms, Google and others are putting $5 billion into the DC infrastructure and private business will build the wind farms on top, transmission fees will pay for the spending.

Why isn’t our government doing this? Probably because they have never heard of it, you can build this-reduce our demand on fossil fuels, put people to work immediately, and it costs taxpayers nothing because it is paid for by charging transmission fees to the producer. This is a jobs plan.

Wind farms sit idle in West Texas due to too much electricity produced with too little transmission capacity. Build the DC lines they need to Dallas and Houston-this puts people to work immediately, makes the wind farms profitable and creates long term jobs. Transmission fees charged to the producer pays for project and costs the taxpayer nothing.

The entire wind corridor from West Texas to North Dakota needs infrastructure, build it and putting people to work immediately opens up commerce and costs the taxpayer nothing, this is a jobs plan.

A Boone Pickens natural gas plan creates demand. That is a jobs plan.

We ship $500 billion overseas in buying of energy, keep that money here through an energy plan-we are only developed country in the world without one which is embarrassing. This creates demand and this is a jobs plan.

The only jobs that could be saved out of this plan are the jobs of the people who wrote it.

John Layfield, formerly known as JBL, was the longest reigning WWE Champion in Smackdown television history, retiring after 17 years of pro wrestling. John, a former collegiate All-American and pro football player, is a lifelong entrepreneur who has worked as an investment banker, is series 7 and 24 qualified, and is currently an active private investor. His Internet radio show can be heard at www.JohnLayfieldShow.com.

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