Obama Plan Would Bring 1.9M Jobs: Moody's
Would grow economy 2%, says expert
By Matt Cantor, Newser User
Posted Sep 9, 2011 9:16 AM CDT
President Barack Obama speaks to a joint session of Congress at the Capitol in Washington, Thursday, Sept. 8, 2011.   (AP Photo/J. Scott Applewhite)

(Newser) President Obama’s jobs plan would put some 1.9 million people back to work and grow the economy 2%, says Moody’s chief economist. The plan could slice the unemployment rate by a percentage point, adds Mark Zandi, whose analysis comes as the president heads to Virginia to push his proposal. Obama is set to speak at the University of Richmond’s 9,000-seat arena this morning, UPI reports.

Meanwhile, Eric Cantor will hold a separate jobs event in Richmond. The House majority leader said he didn’t like the tone of Obama’s speech but approved of some of the president’s ideas, such as “business tax relief, reducing red tape, working to try and streamline the infrastructure spending in this country.” John Boehner, for his part, said Obama’s proposed measures “merit consideration.” Click for more reactions.

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Showing 3 of 193 comments
Watching4theMODS
Oct 7, 2011 1:27 PM CDT
Those using simple math (The GOP) are apealling to the simple minds (The GOP). Heres why: If it costs $2,000,000 to build a house and it employs 10 people did they all get $200,000 each NO. Production is a function of land, labor and capital if you took one ecomnomics class in your life you know that.
jade1
Sep 10, 2011 11:49 AM CDT
If Eric Cantor didn't approve of Obama's tone in his speech it's because he hasn't seen the President angry. Obama needs to show this more. Done with the bullying from Congress.
Non-deep-thinker
Sep 10, 2011 9:53 AM CDT
ARTICLE: Employers Say Jobs Plan Won’t Lead to Hiring Spur NY Times Published: Saturday, 10 Sep 2011 "As President Obama faced an uphill battle in Congress to win support even for portions of the plan, many employers dismissed the notion that any particular tax break or incentive would be persuasive. Instead, they said they tended to hire more workers or expand when the economy improved. "Companies are focused on jittery consumer confidence, an unstable stock market, perceived obstacles to business expansion like government regulation and, above all, swings in demand for their products. “"You still need to have the business need to hire,” said Jeffery Braverman, owner of Nutsonline, an e-commerce company in Cranford, N.J., that sells nuts and dried fruit. While a $4,000 credit could offset the cost of the company’s lowest-cost health insurance plan, he said, it would not spur him to hire someone. “Business demand is what drives hiring,” he said.