President Barack Obama has now spent more than two months calling on Congress to pass his $447-billion jobs bill. The president insists it will, “provide our economy with the jolt it really needs right now.”
Congress on Wednesday passed a small part of that package, including a tax credit to encourage businesses to hire U.S. veterans. But apart from this, legislative progress on the American Jobs Act has been so non-existent that the Obama administration has shifted to using executive orders to make economic policy. “We can’t wait,” the White House is telling the American people.
But if Obama and the current Congress cannot, and do not, pass major legislation targeted on job creation and economic growth, what happens to the U.S. economy?