Moneybox: That?s Obama?s Jobs Plan?

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Moneybox That's Obama's Jobs Plan? His muddled SOTU scheme to boost the economy by hindering trade. By Matthew Yglesias Posted Wednesday, Jan 25, 2012, at 05:04 AM ET The bold, transformative Barack Obama, painter of grand vistas, is gone, replaced in his State of the Union address by a Clinton-esque figure, reciting laundry lists of small-bore proposals. There were some very good ideas for attacking the crisis of mass unemployment. Extending the payroll tax cuts without another round of policy riders and protracted negotiations should be a no-brainer. Legislation to make it easier for millions of Americans to refinance their mortgages at today's low interest rates is a great idea that should bolster consumer demand and make it easier for the entrepreneurially inclined to start businesses. His call to avert a massive spike in student loan debt interest payments is sound, and the promise to create a federal task force on foreclosure fraud seems very smart. But framing the entire economic message of the speech was a strikingly retrograde, self-contradictory, and confused agenda of reviving American prosperity through mercantilism. Think of it this way. One idea for putting Americans back to work would be to raise the gasoline tax and use the proceeds to buy manufactured goods that we then dump into the middle of the Atlantic Ocean. This would, I promise you, work perfectly well. The previously unemployed folks with the new factory jobs would thank us for our trouble. But it would be a curiously prosperity-destroying way of bolstering the economy. When Obama brags that "over 1,000 Americans are working today because we stopped a surge in Chinese tires," he's implementing a small-scale ... To continue reading, click here. Join the Fray: our reader discussion forum What did you think of this article? POST A MESSAGE | READ MESSAGES Also In Slate What the Supreme Court Can Learn From Gabby Giffords and Jeff Flake's Tender Moment The New England Patriots Are Not Out for Revenge What Does Mormon Heaven Look Like? How About Mormon Hell?	Advertisement
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