Here is Another DUMB Idea From Guess Which Party
- Posted by Jeff Carter
- on August 10th, 2011
The Emergency Jobs to Restore the American Dream Act
Rep. Jan Schakowsky
· Creates over 2 million jobs to address the real crisis facing America: the jobs crisis.
· Emergency jobs are created for two years, to provide time to get the economy back up and running.
· Emergency jobs will meet critical needs to make American communities stronger.
· Costs $221 Billion ($110.5 billion for each of fiscal years 2012 and 2013).
· Can be fully paid for through separate legislation such as Rep. Schakowsky’s Fairness in Taxation Act, which creates higher tax brackets for millionaires and billionaires, eliminating subsidies for Big Oil, and through eliminating tax loopholes for corporations that ship American jobs overseas.(italics mine)
THE CORPS: 2.1 Million Jobs
1) School Improvement Corps – Creates 400,000 construction and 250,000 maintenance jobs through new funding to public school districts for needed school rehabilitation improvements ($100 billion)
2) Park Improvement Corps – Creates 100,000 jobs for youth between the ages of 16 and 25 through new funding to the Department of the Interior and the USDA Forest Service’s Public Lands Corps Act. Conservation projects on public lands include restoration and rehabilitation of natural, cultural, historic, archaeological, recreational and scenic resources. ($400 million)
3) Student Jobs Corps – Creates 250,000 more part-time, work study jobs for eligible college students through new funding for the Federal Work Study Program. ($850 million)
4) Neighborhood Heroes Corps –
a. Teachers: Direct funding to states to hire, re-hire, and prevent lay-offs of 300,000 teachers. ($40 billion)
b. Cops: New funding to hire 40,000 police officers. ($10 billion)
c. Firefighters: New funding to hire 12,000 firefighters. ($2.4 billion)
5) Health Corps – Grants to hire at least 40,000 health care providers, including physicians, nurse practitioners, physician assistants, nurses, and health care workers to expand access in underserved rural and urban areas. ($8 billion)
6) Community Corps – Creation of a new Community Corps that will create 750,000 jobs to do needed work in our communities, including energy audits and conservation upgrades, recycling and reclamation of reusable materials, urban land reclamation and addressing blight, including foreclosure and disaster-affected areas, rural conservation work, public property maintenance and beautification, housing rehabilitation, and new housing construction modeled after Habitat for Humanity. ($60 billion)
Standards for new programs:
· Priority for jobs given to the unemployed, particularly those who have exhausted their unemployment benefits (the “99ers”).
· Formulas will allocate fair distribution of funding and jobs among states, with targeting based on high unemployment and need.
· Ensures that jobs don’t undercut the rights of other workers or lower wages.
· Ensures work is additive and doesn’t displace current workers or take business from small/local businesses.
· Includes trigger for phase-out if unemployment drops below 5%.
The only way out of this crisis is broad based growth. The only way to do that is give companies an incentive to grow. How do we do that? Decrease their taxes by 220 billion instead.
Schakowsky was never too bright, and this program shows she is even dimmer economically. Look for more “government jobs programs”-just like we had with the WPA. Ain’t Depression great?!
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Jeffrey Carter is an angel investor and independent trader. He specializes in turning concepts into profits. He co-founded Hyde Park Angels one of the most active angel groups in the United States in April of 2007. He previously served on the Chicago Mercantile Exchange Board of Directors. He has done market commentary for (More...)
Ben Horowitz Blog
Betting the Business
Black Line Review
Blue Sky Innovation
Both Sides of the Table
Chicago Booth Graduate School of Business
Cooler By The Lake
Daily Economic Release Calendar
Doug Ross @ Journal
Economics of a POW Camp
Foundation for Families
Garden and Gun
George Stigler Institute
Good Beer Hunting
Great Food In Chicago-Steve Dolinsky
Hyde Park Angels
Illinois College of Business
John Taylor's Blog
Legal Issues in Angel Funding
Macroblog-Federal Reserve Bank of Atlanta
Microbrews in Chicago
Mike And G
Milton Friedman Institute
National World War Two Museum
Notes From Underground
Ronald Coase Institute
Selling The Why-Simon Sinek
Senate Banking Committee
The Alpha Pages
The Big Picture
The Clubber Fund
The Daily Crux
The Grumpy Economist
The Jack B Show
The Last Lecture
The Minimalist Trader
The Musings of The Big Red Car
The Polsky Center
The Streetwise Professor
Tough Love Marketing
US Federal Reserve Bank
US House Financial Services Committee
World War Two Blog