WASHINGTON POST: President Obama has decided to press Congress for a new round of stimulus spending and tax cuts as he seeks to address the great domestic policy quandary of his tenure: how to spur job growth in an age of austerity.
Obama will lay out a series of ideas in a major address right after Labor Day, when he and a largely antagonistic Congress will return from vacation, the White House said Wednesday.
The president is thinking about proposing tax cuts for companies that hire workers, new spending for roads and construction, and other measures that would target the long-term unemployed, according to administration officials and other people familiar with the matter. Some ideas, such as providing mortgage relief for struggling homeowners, could come through executive action… (more)
EDITOR: We suspect that over time the general public is finally getting to understand that we need stimulus for the short run, two or three years, and then deficit reduction as tax revenues pour in as a result of the improved economy, higher taxes on the well-to-do, and cut back on defense and entitlement spending.
