President Obama says of his “American Jobs Act” that “There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans.” That seems like a very fair statement on the face of it. There’s nothing about this package that is particularly new or bold in any way at all – it represents a minimal effort to create jobs.
The latest proposal is almost certainly what Obama thought he could get passed more than what the economy really needs. Let’s see if even that is possible before we get too excited.