This afternoon, the White House is hosting a jobs summit aimed at finding ways to “jumpstart the hiring that typically lags behind economic growth.” But former House Speaker Newt Gingrich is attempting to steal President Obama’s thunder, hosting what his own “real jobs summit” in Ohio and Mississippi. Gingrich’s effort has received coverage from CBS News, CNN, Fox News and the AP.
Though Gingrich is dismissing the White House summit as “political theater,” his “real solutions for job creation and economic growth” are really just another effort to repackage ideas he has already promoted. In fact, Gingrich is even recycling his old “Drill Here. Drill Now” slogan…
…but, this time, with a slight twist:
The main difference between the proposal Gingrich debuted yesterday and the “Jobs Here. Jobs Now. Jobs First” plan he produced in July is that he is now calling for allowing “small businesses to expense 100% of new equipment purchases each year.” In an analysis of the July plan, the Wonk Room’s Pat Garofalo found that the tax changes would add trillions to the deficit over the next decade while “throwing money to mainly the well-off and hoping that it will have some positive effects.”
In his newest “Jobs First” proposal, Gingrich also recycles his long-standing calls for more drilling and cutting federal spending. Recycling ideas is nothing new for Gingrich. Though he originally proposed it in 1997, Gingrich claimed last February that eliminating the capital gains tax was “a new, bold idea.”