Market Overview

Republicans Against Obama's Jobs Bill...But They Don't Know What's In It

Alabama Republican Senator Jeff Sessions is apparently a psychic.

Before President Obama has even released the details in his jobs bill, let alone given the speech (scheduled for Thursday) outlining the plan, Sessions is already against it.

I understand that the Republican reading of the Constitution means that Barack Obama is only three-fifths of a President. But this time, their hatred and opposition to anything and everything related to Barack Obama has gone too far.

Sessions, who, along with the rest of the Republican Party, squandered the budget surplus left behind by President Clinton, watched the debt grow immensely after President Bush cut taxes for billionaires and put two wars (one in Afghanistan and one for "funsies" in Iraq) on the national credit card. He is now allegedly concerned about debt...that he created but is somehow, magically Obama's fault.

In case you didn't hear the latest conspiracy, not only is Obama a Marxist-Fascist-Socialist atheist-muslim Kenyan, but he's also a shape-shifting, time-traveling demonic being who traveled back to the last decade and made Republicans blow the budget surplus on Charlie Sheen hookers and blow binges.

“There's no doubt in my mind that the debt that we've now incurred is already weakening our economy,” Sessions said on the Senate floor. “It comes to a point that you can't keep borrowing in a futile attempt to stimulate the economy when the increased debt itself is weakening the economy.”

Of course, Sessions doesn't know what's in the bill yet. All he knows is Obama wants to (allegedly) spend $300 billion to get the economy moving again.

For his part, Obama appears to be telling the GOP to get bent. Oh, that's right. Obama lacks the spine to go after the GOP. Instead, he's going to try and work with the Republicans who are against everything he does...including the things he hasn't even proposed yet.

"I'm going to propose ways to put America back to work that both parties can agree to, because I still believe both parties can work together to solve our problems," Obama said in a Labor Day speech in Detroit.

"And I'm going to propose ways to get Kirsten Dunst to date me, because I believe both of us can work together to solve our lack of a mutual child," the author said in a whiskey-fueled speech in Southfield, Michigan. "Why not? It's just as likely as John Boehner coming together to work with Obama."

Let's just acknowledge what this is really about: Republicans want to make sure Obama is a one-term president. To do so, they need to win in 2012. The only way they're going to win in 2012 is to make sure the economy stays bad up until election day. This is the Republican strategy for 2012.

Let me repeat that: The Republican Party is purposefully standing in the way of economic progress, harming your family and dooming the nation with high unemployment and the deficits that come with high unemployment so that they can win a Presidential election. In any other country and context, that would be called treason, and the people behind the strategy (Karl Rove, GOP Chair Reince Priebus, Rush Limbaugh, and others) would hang from a tree.

You know, kind of like how they fantasize their fathers might have treated Obama, had they encountered one another in the "good ol' days".

If Obama had any balls whatsoever, he would rip up the $300 billion plan and fire the aides who wrote it. He'd watch a few FDR newsreels, and he'd propose a $2 trillion American Jobs Act. Yes, $2 trillion. That's the minimum spending required to truly jump-start the economy. He'd immediately expand the workforce by creating the so-called infrastructure bank and greenlighting any and all infrastructure improvement projects.

Even more importantly, he would order HUD to offer a simple deal to any mortgage holder: Refinance through the government your current mortgage down to whatever your home is worth, less what you've already paid into it. If you've paid off 25%, you still have 25% equity. Government eats the cost of the write down. When you resell your house later, the government gets a cut of the profits you gain.

Before you complain, that's the same deal the banks got when they needed to be recapitalized. Well, the American people need to be recapitalized, and this is the only way to do it. The economy will not revive until the housing crisis is over, and the housing crisis will not end when 25 percent of houses are underwater. Only government can step in and solve this, and only Obama can make this happen.

Will Jeff Sessions oppose it? Of course he will. These people have opposed everything (except wars, Jesus and tax cuts) for 100 years. Get in your tank and ride over them, Mr. President. Or get out of the way and let someone else do the work on behalf of the American people for you.

You can reach the author by email john@benzinga.com or on twitter @johndthorpe.

Posted-In: Barack Obama RepublicansNews Movers & Shakers Politics Markets General Best of Benzinga

 

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