Senate Democrats press smaller jobs legislation

[The Northerner]

Source: Associated Press

WASHINGTON -- President Barack Obama's allies in the Senate acknowledge they can't pass an $83 billion jobs package. Instead, they're making plans to advance a small, first piece of his jobs agenda next month: a tax credit for new hires.

It's a bow to the political realities of a voting public that is increasingly worried about government spending. And the first initiative is aimed at winning over Republicans now that Democrats have lost their filibuster-proof majority.

The jobs tax credit would anchor a $15 billion to $30 billion measure that would be voted on next month, a senior Democratic aide said. It would also include tax breaks for small businesses and subsidies for infrastructure bonds issued by state and local governments.

At the same time, the idea of using leftover Wall Street bailout money to pay for the jobs agenda is fading fast, with key Democrats like Budget Committee Chairman Kent Conrad, D-N.D., now opposed to the switch. Dropping that move could reduce Republican opposition to a bite-size jobs measure.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/01/27/AR2010012703329.html

[SlingBlade]

1. Bull Fucking Shit !

"President Barack Obama's allies in the Senate acknowledge they can't pass an $83 billion jobs package"

These assholes can and will do as they fucking please. Jesus, What a bunch of fucking low life
pretenders this crop of democrats have been. And they called Dubya a fucking Republican.

Looking Forward here, Being Prudent, Not Backwards.
Can't do it, Those evil fucking Republicans. Bla, Bla, Fucking Bla.

By the way, Is that rat fuck Lieberman still holding on to his chairmanship ?
How bout Nelson and the rest of those fucking blue dog republicans in sheep's clothing ?

When are progressives and Liberals gonna stop eating shit sandwiches by guaranteeing
these faux democrat assholes our votes ??

When Goddammit, I want to know

[SnakeEyes]

5. The only way they can and do as they please

Is if they get it passed before Scott Brown is seated.

[OhioChick]

2. ????

:wtf:

[depakid]

3. "allies?"

:rofl:

Next to Fox "news" and AM hate radio, the US Senate is the #1 enemy of progress and problem solving in America.

[SlingBlade]

7. TRUTH !

[defendandprotect]

4. This is doing it THRU corporations . . . we've done this before -- it smells!

[SlingBlade]

8. Yep. Smells like Clinton / Bush

Deja-Vu , All Over Again. :puke: :banghead:

[defendandprotect]

10. Loved Howard Zinn's comment: "Wish Obama was listening to MLK, Jr." -- !!!

[SlingBlade]

12. I'm pretty sure that Obama can't even spell MLK, Jr.

But you gotta hand it to 'em

He made one hell of a gofer for the Daily Machine in Chicago and not
even Bill Clinton can match his oratory skills.

Howard Zinn, RIP
And once again I ask, Why do the good one's always seem to leave us when we need them most :cry:

[defendandprotect]

15. I don't know . .. but it's lonely without him . . . already!!

Was thinking about his power of observation --

and what it is that blocks so many of us from seeing the obvious?

Using our common sense and challenging myth?

Lucky for us whatever it is Howard Zinn didn't catch it!!

:)

[SlingBlade]

16. Yep. But Mr, Zinn has passed into that good night

Along with our brother Martin, Another Bright Light Dimmed. :(

[SnakeEyes]

6. I don't see how this will work

The tax credit would have to never expire and be huge in order for any smart businessperson to take it. Businesses hire people because they need the help, can justify the cost of hiring a new worker, and can afford to hire a new worker. It wouldn't make sense to hire someone when it costs more than the tax credit and the difference can't be recouped by any gain that may exist from the new hire.

[Oldhat1970]

13. I own a business

I own a business that I've seen go from 110 FTE's down to 36. We are hanging onto the 36 for now as they crucial to our company and really good people (both on the personal and professional level), but we are not even making enough money/sales to cover their labor but instead we are dipping into savings (loans that we got prior to the crash) in order to keep them on board. This decision to keep them on was not only personal but likewise financial because if something does not change in the next few months (6 maybe) then we'll all be out of a job and the company will file bankruptcy.

The tax credit will not work for us to hire, if you do not have enough work to occupy the current work force then there is no way a company would hire simply over a $5,000 tax credit, that is enough per employee to cover my cost for about 2 months (pay roll, benefits, taxes, etc). As owners (3 of us) we have not taken a paycheck in the past 1.5 years. We are lucky enough that our spouses work and can keep our households intact.

Being a business owner my "social group" that I hang out with is mainly other business owners. Across the board all of us are hurting. None of are "rich" (well maybe a few) but for the most part we live modest lives. This "modest" life will change in 6 months for nearly all of us. This economy has not only crept into the middle class, but it is creeping into the "Small Businesses" across the country whom the owners are actually "upper middle class", the wave of Bankruptcies both personal and on the business side is going to hit fairly soon if something does not change. With this will be a new wave of lay-offs and businesses closing, once it reaches this point there will be no looking back.

All of us can not see any improvement or a light at the end of the tunnel. It would be fine if there was some indicators of something picking up with this economy, but we can not see anything substantial within the next 12 months, there is no "light at the end of the tunnel", it's simply coal black.

The down side of this:

Not only will you have these businesses laying off more people and closing the doors, but the actual "tax revenues" the government collects will also be dropping drastically. It's typical that on "profit" we pay 36% of that to the government, I know that this past tax year (2008) we had a loss, I met with the CPA's yesterday for this years (2009) tax season and we are reporting an even bigger loss. So what does that mean? Even if we turn the business around we are allowed to carry any "past" losses and expense them out in the years to come. In essence we have paid no taxes in 2 years due to losses, these losses will more than offset any profits for the next 2-3 years, so we will not be paying any taxes for several years to come. It was typical that we'd pay anywhere from $350,000 - $420,000 each year in taxes on profit, and this is just one small company, imaging all of the 1000's of companies out there that are in the same situation as mine, which creates a substantial loss of revenue for the government for taxes for years to come.

So, a $5,000 credit toward hiring an employee is laughable as they would only be covering about 20% of my losses for a year if I hired a new one for the year.

[Luciferous]

14. Thanks for your insight and welcome to DU!

:hi:

[No Elephants]

9. "And the first initiative is aimed at winning over Republicans" Great plan for job creation.

Just win over the Republicans. Brilliant. How come they did not think of that before?

Of course, they won't admit the real issue: They can't even win over their fellow Democrats.

[AlinPA]

11. There they go again, the chickenshit wimps, trying to suck up to republicans. No backbone at all.