Republicans Should Pass the 'Jobs Bill': Opinion
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheStreet) -- The parallels shouldn't be lost on anyone. And they certainly weren't lost on the market Friday, with major indices down 2.6%.
- Greece fell yet one step further in the direction of default. Look at the one-year interest rate on Greek government debt, now at 100%. This means that the expectation of default within a one-year time-frame is essentially 100%.
- President Obama delivered the latest version of his class-warfare speech, in which he proposed some near-term gimmicks to run up the budget deficit even more.
This would be laughable and comical if it weren't so serious. With Greece collapsing under its own big-government weight, one would think that Obama would take a hint, and recognize that the salvation for the U.S. economy would be to run as fast as possible away from the Greek big-government spending model.But no. When faced with the evidence of the failure of socialist spending policies, what does Obama do? He gives a big speech with stern marching orders to sail right into the storm of a Greek bankruptcy tragedy. What is the essence of Obama's proposal?
- Cut the payroll tax.
- Increase government spending.
- Tax the job creators.
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