Dem Senators Want to Pass Another Jobs Bill

As the financial markets wobbles under the weight of debt (sovereign and otherwise, around the world), the tone-deaf US Senate is trying to come up with enough votes to pass a 'jobs bill' to the tune of $100 billion.

The bill is awkwardly titled "The American Jobs and Closing Tax Loopholes Act".

Senate Democrats have come up with a new talking point to push their bill: It will reduce deficit!

(Yeah right. Do they even know how much deficit they've racked up already?)

Jobs Bill Will Help Reverse Deficit, Say Senate Democrats
(6/9/2010 Talk Radio News Service)

"The Senate continued to look for ways on Wednesday to muster the votes needed to pass a jobs bill filled with tax breaks, unemployment benefits and aid packages to states.

"With the House having passed a jobs bill before the Memorial Day recess, Senate Democrats this week have proposed making changes to their bill, such as restoring $24 billion in Medicaid funds, money that was dropped from the House’s package. Additionally, in a move designed to court moderate support, the Senate bill now features a softer approach on taxing investments than does its counterpart legislation.

"... At stake are several programs that need funding legislation to stay alive. In addition to the Medicaid dollars for states, there are matching $23 billion initiatives to prevent education layoffs and to reimburse physicians that accept Medicare. Stabenow said she supports the so-called “Doc-Fix,” and added that she plans on putting forth an amendment to extend COBRA benefits for the unemployed. She also downplayed concerns that the bill, totaling over $100 billion in cost, would add to the nation’s already-massive deficit."

Medicaid support, tens of billions going to save public union jobs (teachers), Medicare reimbursement, extension of COBRA. Other than saving union jobs, how are the other programs going to create jobs and reduce federal deficit?

According to Sen. Debbie Stabenow (D-Mich.),

“The reality is that this legislation is part of turning things around and I would argue lowering the deficit,” she said. “When people are working, they are paying taxes…and that’s part of how you lower the deficit.”

(Who voted for this woman?)

According to CNN, this 'deficit reducing' job bill will add $50 billion to the federal deficit.

I happened to be looking at FY2010 Supplemental Appropriations Bill summary, and I noticed that funding for saving the pubic union jobs like teachers, police, firefighters was already included in the bill. Lucky for teachers, policemen, and firefighters. With this 'jobs bill', they'll get double.

Securing the government jobs is a matter of national security, I suppose.

I have a better idea on how to reduce deficit and create jobs. Well, not really reduce but more like "not add". DO NOTHING, GET OUT. Don't crowd the capital market with huge issuance of debt that sucks up available money only for the federal government to squander. Don't create more bureaucracy to manage ever-growing subsidy and wealth-transfer schemes, which actually help keep the poor remain poor.

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