The Tatler has learned President Obama’s new jobs program might be unveiled right after Labor Day. The White House has gone silent for a long time while unemployment remains above 9% and economic growth slumps to .4%.
What could be his new, imaginative idea?”
Could be Stimulus II?
Yes, after the failure of the first $800 billion round of stimulus, the President’s best idea may be to recommend more stimulus spending.
Today’s Washington Post is floating a trial balloon from White House aides that report:”President Obama has decided to press Congress for a new round of stimulus spending.” No dollar amounts were mentioned.
Yesterday during his bus tour in Atkinson, Illinois the President prepared his audience for his new economic policy, saying he would cut spending by spending more. The two, he said, are not inconsistent. “When Congress gets back in September, my basic argument to them is this: We should not have to choose between getting our fiscal house in order and jobs and growth.”
Meanwhile in reaction to a slew of bad economic reports and the news of a new stimulus plan, Wall Street is experiencing another meltdown.
The Dow Jones average swooned at the opening bell, down at least 450 points. Adding to the downturn were the weekly jobless claims report showing an increase of 9,000 new unemployment claims, topping to a monthly total of 408,000. In other bad news home sales dropped 3.5% and factory activity in the Mid-Atlantic region tumbled to a two year low.
The President will be able to munch on all these new economic reports while he luxuriates on a tony vacation. Today the President lands on Cape Cod via Air Force One, then hops onto a Marine One helicopter to land on the celebrity island of Martha’s Vineyard.