State of the Union: Jobs Take Center Stage
This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.
Before last night's State of the Union, I discussed the economy with CBSnews.com anchor and all-around delight, Cali Carlin.
(Click here to watch the video.)
Luckily, I was able to run home and catch the entire SOTU live. Truth be told, I was listening closely only when the President discussed anything remotely linked to the economy.
When President Obama said, "The true engine of job creation will always be America's businesses," he got a bipartisan standing ovation. Who wouldn't want more jobs? OK, let's stand up!
I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I am also proposing a new small business tax credit - one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment...
The focus on small businesses was widely anticipated, as was the angry/sarcastic words directed at Wall Street banks (boo-hiss! Fat Cat bankers caused everything!) But there was no new ground covered. More lending to small companies; tax credits for those firms that hire new workers or raise wages (I can't see a flood of those right now); and the elimination of capital gains taxes, for those firms that are actually making money (presumably these are not the same companies that need credit to stay afloat).
The President also urged the Senate to pass a new jobs bill, which left many wondering what about the stimulus money that was supposed to generate jobs. He also talked vaguely about the need to reduce the deficit. Regulatory reform got some play too - I liked when the President said that he wasn't punishing banks, but protecting the financial system. That piece has been missing from the debate of late.
Overall, not a lot new on the economic/fiscal front. A few things I liked: an increased sense of civility; the shout-out for "equal pay for women";and a more conversational and digestible tone.
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