President Obama made the astute observation in his speech that, “the millions of Americans who are watching at home right now, they don’t care about politics.” Obama harkened back to the days of the American Dream, where merit and hard work were enough to prosper in America. His plan to restore America’s past greatness and economic power: the American Jobs Act.
Until next week when the President’s full details and budget of the American Jobs Act are released, it is difficult to predict the consequences of the plan. However, the American Jobs Act feels a lot like yet another doomed stimulus.
Remarkably, Obama admitted to some mistakes in past legislation. Commenting that the American Jobs Act would be, “No more boondoggles… We’re cutting the red tape that prevents some of these projects from getting started as quickly as possible.” This is a promising statement by the President, but looking back to the American Recovery and Reinvestment Act (ARRA), it is a long shot.