Letter: For Obama, some economic advice
Last week President Obama gave a speech on the economy at Knox College. He said it would empower middle-income Americans to build the economic growth over the long term. Unfortunately the real unemployed are the 13.9 percent in the “U-6” unemployment category. These are not only the 7.6 percent who are still looking for a job but also the people who have given up looking for work and cannot find any. These people cannot afford to wait for Obama’s long-term programs to bring jobs. They need jobs now.
If Obama really wants to help more people get good, full-time jobs now, he needs to stop strangling businesses with complicated regulations.
He needs to stop the regulatory actions so businesses can have degree of certainty to plan. He needs to lower corporate tax rates and eliminate loopholes.
He needs to lower the tax rate for the $1.3 trillion held by U.S. companies in foreign countries, creating jobs for other countries when that money could be here creating U.S. jobs and building the infrastructure our country badly needs.
After all, 20 percent of $1.3 trillion is $260 billion of tax revenue that could create jobs to repair our bridges and airports.
Instead we tell these companies that if they do not pay 35 percent of that $1.3 trillion, they can just keep that money building other country’s economies.
We get no revenue with this policy. Amazing!
Obama accused the Republicans of political posturing and “phony scandals.” The truth is that the president’s speech was more politics of division rather than a speech uniting the nation.
As far as phony scandals are concerned, the Federal Reserve policy of being forced to print $85 billion per month to buy the U.S. debt is the real phony scandal.