Obama on the Economy: ‘Profoundly’ Not Working

President Obama’s senior adviser, David Plouffe, said yesterday that the White House Jobs Plan will have a “profound impact”:

White House Adviser David Plouffe: “The president has been very clear as he’s traveled across the country and in the speech to Congress that he thinks the American Jobs Act would have a profound impact on our economy right now.” (CNN’s “State Of The Union,” 9/25/11)

• “We’re going to continue to demand this type of action that is going to have a profound impact on the economy right now.” (CNN’s “State Of The Union,” 9/25/11)

• “We think these things can have a profound impact not just in the next year or year-and-a-half but provide a foundation for longer term growth as we go through the decade.” ” (CNN’s “State Of The Union,” 9/25/11)

The plan will NOT have a profound impact on America’s unemployment crisis:

Associated Press: The President’s “jobs plan” will not make a substantial dent in the unemployment rate for years. “Even if Congress heeds President Barack Obama’s demands to ‘pass this bill right away’ and enacts his jobs and tax plan in its entirety, the unemployment rate probably still would hover in nosebleed territory for at least three more years.” (“Obama Plan Would Make Small Dent In Jobless Rate,” The Associated Press, 9/24/11)

“The persistent weakness of the U.S. economy has left 14 million people unemployed people and more than 25 million unable to find full-time work.”(“Obama Plan Would Make Small Dent In Jobless Rate,” The Associated Press, 9/24/11)

The plan WILL have a profound impact on taxpayers:

To pay for his jobs plan – which even Democrats are hesitant to support – President Obama is proposing hundreds of billions of dollars in permanent tax increases. “While it is likely that the tax incentive portion of President Obama’s plan would deliver few jobs and little economic growth, the permanent tax increases that ‘pay for’ the tax cuts can do permanent harm to the economy. Reportedly, the tax increase measures total roughly $460 billion over ten years.” (Fiscal Fact No. 283, Tax Foundation, 9/19/11)

The Washington Post: President Obama’s deficit reduction plan is padded with more than $2 trillion in tax increases. “The administration’s claim to have come up with $4 trillion in deficit reduction is misleading. The more accurate amount is barely half that, including … $1.5 trillion in tax increases on the wealthy. … The administration further pads its results by giving itself credit for $866 billion in ‘savings’ from letting the George W. Bush tax cuts expire for those making more than $250,000 a year.” (Editorial, “In Debt Plan, Mr. Obama Goes ‘Medium,’” The Washington Post, 9/19/11)

So far, the plan has not had a profound impact on the president’s Democratic allies:

“President Obama anticipated Republican resistance to his jobs program, but he is now meeting increasing pushback from his own party. Many Congressional Democrats, smarting from the fallout over the 2009 stimulus bill, say there is little chance they will be able to support the bill as a single entity, citing an array of elements they cannot abide.” (Jennifer Steinhauer, “Some Democrats Are Balking At Obama’s Jobs Bill,” The New York Times, 9/14/11)

(my emphasis)

CBS Headline: “Even Democrats Skeptical of Obama’s Jobs Act.” (CBSNews.com, 9/17/11)

Flashback – The Last Time President Obama’s Advisers Made Predictions About Economic Stimulus, They Were Flat-Out Wrong:

(Romer and Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

At 9.1%, the unemployment rate remains well above what Obama officials predicted would occur either with or without the first stimulus. The Romer-Bernstein analysis projected that, by this point in time, unemployment would be less 7% with the stimulus in effect and less than 8% without the stimulus. (Christina Romer and Jared Bernstein, White Paper, “The Job Impact Of The American Recovery And Reinvestment Plan,” 1/9/09)

Unemployment among African Americans is at 15.9% and Obama is facing increasing criticism from black members of Congress. His approval numbers among African Americans have taken a nose dive; 58% say they have “strongly favorable” views of the president, down from 83% just five months ago.

Last Saturday, Obama spoke to the Congressional Black Caucus at their annual awards dinner in Washington, D.C. It was a fiery-worded campaign speech for his base. He clearly isn’t moving to the center; he’s chosen confrontation over compromise.

Obama scolds Black Caucus 9/24/11 (audio ends @:45):

“I expect all of you to march with me and press on,” Obama told the audience. “Take off your bedroom slippers, put on your marching shoes. Shake it off. Stop complaining, stop grumbling, stop crying. We are going to press on. We’ve got work to do, CBC.”

To read a transcript of Obama’s speech, click here.

Meanwhile, tough times brings out the creative capitalism at Hallmark (9/23/11)…

► Jayde Wyatt