Let’s forget the fact that Obama’s entire Stimulus 10.0 is a counterintuitive proposal that doubles down on the very failures that precipitated this speech. Let’s also disregard the fact that enshrining unemployment insurance as a permanent handout will perpetuate unemployment. And more union-induced, short-term money drops on infrastructure will do nothing but stimulate traffic jams. Let’s focus purely on the very numbers that the administration has offered –numbers that would undoubtedly be revised upward, if the plan is passed.
Total package – $447 billion
- 50% payroll tax cut for every employee, dropping the rate from 6.2% to 3.1%= $175 billion
-Obama also proposed cutting the employer payroll tax in half on the first $5 million of a firm’s payroll in 2012. About 98% of firms have payrolls of $5 million or less.= $70 billion
-National infrastructure bank = $10 billion
- Pork project handouts to unions for roads, rails and bridges= $50 billion
-An unprecedented extension of unemployment insurance benefits to be extended for another year, beyond the 99 weeks= $62 billion.
-Handouts to public school teacher unions, even though we already spend more per capita on education than any other country=$35 billion
-Refurbishing schools, a responsibility of local government=$25 billion
-Handouts to community colleges=$5 billion
-Rehabilitate vacant property=$15 billion
Despite the steep cost, Obama claims that it will all be paid for. How will he pay for it?
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Only the Beginning
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