"Mister Comptroller" and foe of Wall Street John Liu believes that President Obama's $447 billion jobs package "if enacted, will deliver significant benefits to New York City's economy." In a release, Liu states that the payroll and Social Security tax cuts cut proposed by the American Jobs Act "would provide a total benefit of $4.8 billion to New York City workers," and would save someone who makes $25K a year $775, and $3,100 for those making $100K. Liu's office makes no mention of Obama's scrapped proposal of "providing a dual Netflix account to every citizen through 2015."
Also of note is that Obama's plan would spend $50 billion on the nation's transportation infrastructure, $30 billion on school modernization and $10 billion on an "infrastructure bank." With regard to New York City, "every $1 billion in increased infrastructure spending in the City will create 7,500 jobs." Additionally, "federal education aid could help restore 3,700 teaching positions" that are slated for the chopping block in the coming two years.
Liu's positive analysis differs from that of the nonpartisan Fiscal Policy Institute's, whose chief economist said that Obama's plan "is not going to make a lot of progress" towards creating the lost 512,000 jobs that are needed to return to precession unemployment levels. But the FPI report neglects the thousands of potential jobs that would be created in think tanks that offer antithetical opinions on new presidential jobs proposals.
