Will Market Like Obama’s Tax Breaks, Other Plans?
With the mid-term election looking grim for Dems, President Obama hopes to turn the tables with several new initiatives aimed at creating jobs.
One such measure, announced Monday, is a six-year plan to rebuild infrastructure; "We are going to rebuild 150,000 miles of our roads -- that's enough to circle the world six times. ... We're going to lay and maintain 4,000 miles of our railways -- enough to stretch coast-to-coast."
But that’s not all.
On Wednesday the President is expected to introduce a plan that allows businesses to write off all their new investments in plant and equipment through 2011. Also Wednesday, the President is expected to outline a proposal for Congress to increase and permanently extend a tax credit for business research and development.
Economists are skeptical any measures Obama takes now will make a swift difference in the $13.2 trillion U.S. economy. They point out that investments in infrastructure, for example, typically do not stimulate the economy quickly.
While Obama declared some jobs would be created immediately by the infrastructure overhaul, a senior administration official told reporters the plan would not create jobs until 2011.
What's the takeaway? Find out from FBR policy analyst Ed Mills. Watch the video above!
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