President Barack Obama spent part of Labor Day alongside Teamsters union members in Detroit giving a speech that many people believe has become too familiar to the American public.
“We’ve got roads and bridges across this country that need rebuilding. We’ve got private companies with the equipment and the manpower to do the building. We’ve got more than 1 million unemployed construction workers ready to get dirty right now. There is work to be done and there are workers ready to do it. Labor is on board. Business is on board. We just need Congress to get on board. Let’s put America back to work,” the President said in his Monday speech.
Echoing policies that the Administration has been employing since its beginning, Obama advocated more stimulus spending, in a speech that is perhaps a precursor to his address to Congress set for Thursday. Promising that he will “propose ways to put America back to work that both parties can agree to” the President called out Congress for attempting to block spending measures over the past several months.
One thing the President did not mention was the last Friday’s Department of Labor jobs assessment that reported zero job growth and a major drop in consumer confidence that has rattled the nation’s economy over the past month.
At a time when the government has essentially run out of available funds and the President seeks more public spending to spur job growth to the dismay of many in Congress — Tea Party members in particular — reports are vague about what Obama’s plans are.
CNN reports that the President’s proposals for Thursday have been kept secret by the White House but will mostly involve more large-scale government spending.
Some of the terms expected to be heard:
Infrastructure Bank — A Government investment via a Federal loan program followed by smaller jolts of loaned funding throughout the life of a private-sector project under the assumption that interest will eventually repay the loan and provide profit.
New Hire Tax Credits — Similar to the HIRE Act which was in place during 2010, and has since expired, which provided $13 billion in Federal funding to offer business hiring incentives. A modified version of the same plan is expected in the near future from the Obama Administration.
More Unemployment — Though unemployment benefits have most recently been extended to an unprecedented 99-weeks at a cost of about $56.5 billion to taxpayers, analysts say the President may suggest another extension.
Free Trade — Agreements have already been drafted that would open up U.S. trade with countries traditionally embargoed like Columbia, South Korea and Panama. Many politicians believe that it is time to formally open trade.
Patent Reform — Before summer recess, Congress was in the process of making the patent process easier in an effort to spark the economy by making it easier for those with product ideas to realize their business goals.
Other ideas that the President may discuss include further payroll tax reductions, a tax holiday that would encourage corporations to bring money currently in overseas accounts back to the country, a program that would allow businesses to train workers drawing unemployment benefits and another round of Obama’s Build America municipal bonds.