President Obama took advantage of the signing of the debt limit increase to “pivot” to jobs.
He proposed that Congress pass the following jobs program:
- Extend unemployment insurance
- Enact a payroll tax credit for employees
- Overhaul patents
- Approve free trade deals
- Create an infrastructure funding bank
In his remarks, the President rebuked Congress: “It should not take the risk of economic catastrophe to get folks in this town to work together and do their jobs.”
The problem is that, other than approving free trade deals, the President’s job programs will not create any jobs.
Extending unemployment benefits subsidizes unemployment and keeps the unemployment rate high.