The Corner

Unstimulating, Again

In case you missed it, you should read the editorial on Obama’s jobs speech. Among other observations:

Obama wants a larger tax credit for companies that hire people who have been unemployed for six months or longer, which seems like an incentive for companies to fire some of their employees, replace them with eligibles, and pocket the credit. (It’s also an incentive for people not to take job offers if they are close to the six-month mark.) In the deficit-reduction portion of the speech, the president returned to his familiar theme that the rich need to pay their fair share. We have no objection to asking those with high incomes to give up subsidies — but where was the president’s call for changing entitlement programs to achieve that goal? Instead he seeks to raise taxes on capital income, which can hardly help the country’s long-term growth.

Do read the whole thing.


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