Parts of Obama's Jobs Plan to Be 'Salvaged'?
Sen. Bob Casey weighs in on bill
- Duration 4:50
- Date Oct 12, 2011
Sen. Bob Casey weighs in on bill
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Write a short while ago we spoke to Republican senator John Brosseau about the president's jobs bill -- defeated last night in the US senate and now.
For another viewpoint democratic senator Bob Casey of Pennsylvania this chairman of the joint economic committee.
Senator thanks very much for being with us you -- on -- -- I must say you were on the same page is John Boehner.
Both -- -- a month ago.
Could tell that this wasn't going to pass.
And you've called for it to be broken up.
For consideration are you frustrated.
That the president was so strident about it my way or the highway.
You gotta vote on this as it.
-- I think it's good that the president has put a singular focus on job creation that's what everyone needs to do right now.
I think we do have an opportunity though Greg at this moment.
Because the bill in total didn't pass we have an opportunity -- to concentrate.
On individually individual parts not only of the bill.
But does some other good ideas to create jobs I have one for example to provide a tax credit when summoning preset and employer increases their payroll.
Quarter as compared to the diphtheria corresponding quarter of the prior year took the increase -- payroll there they're hiring folks say they should.
Have the incentive by -- of a tax credits I think there are a number of good ideas but they have to be bipartisan and they have to create jobs.
Well let's talk to me about you've mentioned want to talk to me about the other parts of this bill that could actually be salvage.
Well I I think there's a great deal of bipartisan support.
For some kind of an infrastructure initiative that may or may not be exactly.
The way the president has outlined -- but there are plenty good ideas Democrats and Republicans know not just the job creation potential.
Of rebuilding roads and bridges and schools and a whole range of of our physical infrastructure but it also has.
-- enduring and longer term economic benefits and that's ones I think a payroll tax cut or credit.
As I said before is another I think there are a number of things we can come together on.
Republicans and Democrats just as we did on I'm getting much tougher with China which I think was a very good bipartisan initiative.
Yet look there are some economists including John Taylor of Stanford highly regarded who say -- and it's true that these infrastructure spending bills and stimulus.
Do provide a short term impact.
But in the long term the money runs out of once you resurface the tarmac or rebuild the bridge.
You know those guys are unemployed again and then you know financially the governments in the whole.
So in a meaningful way does that kind of stimulus spending really work long term for sustainable jobs.
Well Greg I think it is important to have a short term jumpstart -- kick start to the economy.
A good example of this had happened just the beginning of last year we came together Democrats and Republicans on -- tax bill.
Neither side like every part of -- there is real hostility to parts of -- -- we came together we had a payroll tax get a child.
I earned income tax credit the child tax credit you went down the list of extending tax cuts and providing.
That and senate we -- great -- private sector job growth in January February and march so we're on the right path.
I think we can do that again in the short term hit.
I think it is very important but it's -- be I believe a menu of strategies.
To get us to the point where the economy is growing like like we needed to.
But even a short term impact is very limited look you've got fifteen million who were unemployed you get 25 million who are under employed so even if you pass.
Every single part of the president's.
Stimulus -- the government spending.
Infrastructure portion of the -- you're only talking about an additional one point nine million jobs.
And those might only be temporary doesn't that fall way short.
Of what's needed to put the US economy back on track.
O'Grady again I don't I don't believe -- -- -- get to every part of this bill individually I believe though that there's a great.
Deal of support for an infrastructure.
Initiative and infrastructure bank authority a bipartisan bill.
But even if even if those studies are correct in there isn't the long term benefit that I think there is some other studies would show.
I think it's important to kick start job creation right now in the next couple months the next year.
All the while working on longer term strategies like deficit and debt reduction and cutting spending.
But I think what we need both short term kick start and long term investment.
So we can continue to grow the economy in a way that will not only create jobs but in a way that will allow us to deal.
In -- in a very direct way with deficit and debt we really have no choice we've got to create jobs now and do that.
-- in a bipartisan way and we also have to focus on on spending and deficit debt reduction.
Senator Bob Casey had Democrat of Pennsylvania chairman of the joint economic committee many thanks for being with us today.