Obama Legacy - Tax Credit for Hire?

by the Left Coast Rebel

I'm reading here via Memeorandum, via the NYT that Washington is floating the idea of a tax credit for companies that create jobs. Although certainly not the worst idea to come out of Washington and/or the Obamanation, I haved a mixed opinion personally on such an idea. I mean after all, why not merely streamline red-tape from Washington, cut tax rates for all companies small and large and foster growth for the long term? Why not take the opportunity here to strengthen our market-economy from here on? Answer - there is no power in that. A tax-credit is an easily manipulated form of carrot-stickery from the Capitol, plain and simple. From the Times -

The idea of a tax credit for companies that create new jobs, something
the federal government has not tried since the 1970s, is
gaining support among economists and Washington officials grappling with the
highest unemployment in a generation.

One version of the approach, to be unveiled next week by the Economic Policy Institute, a
labor-oriented research organization,(read liberal), would give employers a two-year tax credit if they increased the size of
their work force or added significant hours of work (for example, making a
part-time worker full time). Employers would receive a credit worth twice the
first-year payroll tax for each new hire, amounting to several thousand dollars,
depending on the new worker’s salary.

Supporters say that improvements upon the 1970s policy would increase its
potency. These include better publicizing the credit; making it available even
to concerns that are not making money, in the form of a direct payout to
nonprofits and companies in the red; and distributing the credit quarterly so
that companies see it sooner.

Deficit hawks still worry about the cost of the proposal, and
whether it would be politically feasible for Congress to phase it out once businesses have grown used to it.

In other words folks, just a simple band-aid approach that adds yet more to the national debt. No more debt, no more deficit spending. We are bankrupting our children's children......