Rolling Stone Magazine Article: Why Obama's JOBS Act Couldn't Suck Worse

[AdHocSolver]

181. This law will do NOTHING to increase US jobs. The money will be invested in China.

Just as most electronics is manufactured overseas (remember Foxconn?), any jobs created in the US will soon be outsourced to China and other low-wage countries.

This isn't a "jobs" bill so much as a "get out of jail free" card.

This is the law that the executives of Enron would have wished for had they had the ability to get it passed.

If the middle class has learned anything in the past few years, it should be NOT to invest in any of these start up companies, and insure that any money that they have in 401(k) accounts must NOT be used to buy shares in any stock issued under the "jobs act".

If President Obama wants to write a REAL jobs act, there are two steps he can take that would actually produce such a result.

1. Rewrite the tax code to ensure that profits realized from importing goods rather than manufacturing goods in the U.S. are taxed fairly.

2. Get rid of trade agreements such as NAFTA and the WTO that make it super profitable to outsource jobs to low wage countries and that make it difficult for American manufacturers who do employ American workers to compete with the importers.

Furthermore, it is a fraudulent claim that the US can produce enough jobs to counterbalance the flood of imports enabled by NAFTA and its ilk.