Obama’s New Jobs Act

It sounds so great to heart and is seemingly inevitable as we approach the presidential election. The competition, whether Huntsman or Romney can break through the Looney tunes, will dictate how strong Obama’s comeback will become.

His rebuttable on health care, agreeing to let states decide, is already on paper to take down that tiger. What is left, no pun intended, is politically viable legislation on the jobs front. Obama should and must tie job creation to any tax increase with the announcement that any job creation whether from an individual or a firm can be met with tax reductions. Obama’s new Jobs Act can be that simple by raising taxes on all those making more than 200 thousand dollars a year unless they directly create new long term sustaining jobs. Although similar incentives already exist they are not tied to tax increases. Since it doesn’t seem politically viable to stop Wall Street and the banks from gambling and force them to invest in real assets we must make job creation the driving incentive. The government can grow claws and sharpen its teeth by regulating through taxation. This could eventually help end our deficit and the recession by weaning the global economy off of fantasy assets.