Obama Blames Wall Street and Announces Jobs Bill (AKA Second Stimulus Bill)

In his State of the Union Address, President Obama invokes the Mad As Hell Party to direct anger and blame at Wall Street. After demonizing Wall Street, Obama claims a first year success of cutting dozens of taxes.

To recover the rest, I have proposed a fee on the biggest banks. I know Wall Street isn’t keen on this idea, but if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.
As we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.
That’s why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65% cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.
Let me repeat: we cut taxes. We cut taxes for 95% of working families. We cut taxes for small businesses. We cut taxes for first-time homebuyers. We cut taxes for parents trying to care for their children. We cut taxes for 8 million Americans paying for college. As a result, millions of Americans had more to spend on gas, and food, and other necessities, all of which helped businesses keep more workers. And we haven’t raised income taxes by a single dime on a single person. Not a single dime.

He then announces a new jobs bill and cross-country train (more government spending).

That is why jobs must be our number one focus in 2010, and that is why I am calling for a new jobs bill tonight.
...Tomorrow, I’ll visit Tampa, Florida, where workers will soon break ground on a new high-speed railroad funded by the Recovery Act. There are projects like that all across this country that will create jobs and help our nation move goods, services, and information.

This sounds all too familiar! A jobs bill is just code for another stimulus bill. And government-funded job creation? It didn't work the first year, so why will it work this year? Senator John McCain said he would not support the new job bill:

"It's a stimulus bill again. It's failed. They said when we passed the last stimulus bill that we'd have 8 percent unemployment. That was their commitment. It's 10 percent [now]. Most Americans don't believe that mortgaging our children's futures is the way to go about it, particularly with the kind of stimulus package that failed in the past."


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