Monday, September 19, 2011
AMERICAN JOBS ACT EVALUATION
I spent the weekend going over the President's "American Jobs Act" (which he is spending tax-payer money to go out and campaign for). There was so little for actual private sector jobs it was disturbing.
But even more disturbing, most of it applies to the Commonwealth of Northern Mariana Islands, The Republic of Palau, Guam, American Samoa, Virgin Islands and Puerto Rico (page 26, 40, and others). In one section it says Treasury will pay to each of these, amounts estimated by Treasury to be equal to the credit that would have been applied by this section (page 12) (because they don't actually otherwise qualify for the credit proposed?)....are you believing this? But wait....
The main thrust of this bill is that it creates two new "Government Corporations" (now we have the government creating corporations instead of just departments); both will be charged will collecting fees to support their operations:
Establishment of the AIFA - American Infrastructure Financing Authority "established as a wholly owned Government Corporation". Referred to then after as "The Bank" (pages 36-57). Establishment of The Public Safety Broadband Network Corporation (pages 62-91). Both have a Board of Directors, Chairperson, CEO, and all kinds of high-ranking positions required.
The Public Safety Broadband Network: The bill says it is amending the Communications Act of 1934. It may pay a licensee a portion of the proceeds to relocate to an alternate frequency...will provide funds to cover reasonable costs of relocating...will use auction and use competitive bidding to assign any license for domestic satellite communications, tv, and radio. The commission may use an alternate approach to assignment of such licenses for the "public interest, convenience or necessity" (page 70). Look out freedom of speech!
He threw the private sector a crumb by giving them a Payroll Tax Holiday for the calendar year of 2012 which says the government will take money from the general fund to make up the reduction in revenues for social security. Are you believing this???
I found one good thing in the bill: the extension of the 100% bonus depreciation for certain business assets.
Page 5 - if any provision of this Act is held invalid, the remainder shall not be affected (surely to be court challenges for taking over tv, wireless networks .ie. mobile phones, radio).
Page 6 - Payroll Tax Holiday for calendar year 2012 - the government will take money from the general fund to make up the reduction in revenues for social security.
Page 6 - All wages for paid laborers must be determined approved by the Secretary of Labor.
Page 6 - After January 1, 2013 there will be a 28% limitation on deductions for married making $250,000 or single making $200,000 (includes charitable deductions).
Page 6 - Prohibits discrimination in employment on the basis of an individual status as unemployed. (Can you say lawsuits against businesses!)
This bill pays for "Teacher Stabilization" (page 13-17) to rehire teachers that have been layed off, 25 billion for infrastructure rebuilding to public schools to make them "Green" (page 18-26), 5 billion for "surface transportation infrastructure" on all work designated by the Secretary as having high unemployment (page 35), 4 billion for high speed rail grants, 105 million for Puerto Rico Highway Program, 2 billion in grants for Amtrak, and "Project Rebuild" gets 15 billion for "purchase and rehabilitation of properties that have been abandoned" (page 58-62).