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On the pre-speech reading list, history and fracking

Sep 8, 2011

When previewing tonight’s presidential address on jobs to the joint session of Congress, The Washington Post’s editors determined the political angle was the most important. Its front page story essays the big picture, “Obama, by pitching jobs plan before Congress, again turns to the Big Speech.”

History suggests that’s a risky approach. 247WallStreet.com took a look back in its analysis, “Big White House economic speeches that failed”: “There have been only seven speeches about economic and business issues before a joint session of Congress since the end of The Great Depression. 24/7 Wall St. has reviewed these speeches and found that they had virtually no effect on the economy, despite the detailed proposals.” The first is President Truman’s railroad strike message of May 25, 1946.

There will be policy substance in the President’s speech, that is certain. The Wall Street Journal reports on the details of the $300 billion plan, “Obama to Call for New Spending, Tax Cuts to Create Jobs.”

The Wall Street Journal (blog) describes policy suggestions from elsewhere, “House Democrats Tout Job Ideas Ahead of Obama Speech”: “House Democrats rolled out a laundry list of ideas for creating jobs, building up expectations for President Barack Obama’s speech on his jobs plan later this week. Hiring young workers to deal with the aftermath of Hurricane Irene and creating a system for financing road and bridge construction projects are among the ideas — many of them long-running — being pushed by House Democrats.”

AP does a scene-setter with more policy discussion: “Obama's best jobs plan might be status quo”: “Economists say the most important part of the jobs plan President Barack Obama will unveil Thursday night is the renewal of two measures already in place — a cut in Social Security taxes and emergency aid for the unemployed.”

Still, tonight’s speech will have the symbolism, stage-setting, gimmicks that now lengthen State of the Union addresses.

Denver Post, “Centennial man to sit with first lady during Obama's speech”: “WASHINGTON — A project engineer from Centennial will sit with first lady Michelle Obama​ during the president's jobs speech to a joint session of Congress tonight. …White House officials say [Kirk] Bergstrom represents a success story of why government investment in infrastructure creates jobs.

AFP, “US Republicans invite Gibson chief to Obama speech”:  “Republican Representative Marsha Blackburn of Tennessee said Wednesday that Henry Juszkiewicz, chief executive of the iconic instrument-maker Gibson Guitar, would be her special guest when Obama addresses a joint session of Congress. ‘Gibson Guitar is at the heart of this jobs debate, and is an example of exactly why President Obama has it wrong when it comes to getting our economy back on track,’ she said in a statement.”

As for jobs, real jobs, thousands of jobs? New York Post, “Hydrofracking to spur job boom: state”: “Hydrofracking could create a bonanza of nearly 54,000 jobs and $2.5 billion in economic activity in New York, according to a report released yesterday by state environmental regulators.”

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