Obama's job speech collapses around its contradictions

Amid all the grand promises President Barack Obama made in his jobs speech to a joint session of Congress on Sept. 8 lurks a set of contradictions around which the whole, highfalutin mess collapses. Under the American Jobs Act, the president said, small companies that hired new workers would get tax credits. Great. All companies could continue writing off investments in the year they made them—at least through 2012. Great. Companies would get extra tax credits for hiring military veterans. Great. Companies would earn tax credits for hiring workers who’d unsuccessfully sought jobs for more than 6 months. Great. But wait. The legislation also would reform the tax code to “eliminate pages of...

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