The America's Jobs Act is warmed over 2009 Stimulus (which did nothing for the economy ) only worse. Here is why.

You judge for yourself as to this 447 billion dollar "jobs" bill.

1. First, it cuts Social Security payroll deductions by half. Payroll deductions are the only way the nation's retirement "plan" is paid for. And the deduction only lasts for a year. The extra 7.5% you realize in your "take home" pay will be taxed at an average rate of 12%. Go figure.
   
2. If you own a home, you will no longer be allowed to deduct your mortgage interest payment. This will cost my wife and I $2,000 a year, and we live on a fixed income.
   
3. If you are a business owner, you will have to hire anyone qualified who has been out of work for six months or more, or face legal action from the authorities. 6 million folks have been out of work for six months or more.
4. "Prevents the lay off of 280,000 teachers" which is code for "government bailout" to the teachers union and their cadillac retirement programs. The total bailout to the teachers unions will be 38 billion dollars.In the good old days, we called this "bait and switch."
   
5. "Immediate investment in the nations infrastructure." Code for "shovel ready jobs." None of these projects will be "ready to go" for at least three years. Permits, plans, environmental reviews, lawsuits, acquisition of land, demolition and associated permits and environmental reviews. Total cost to the tax payer will be $50 billion dollars, half of which will be borrowed money. All of this work will be done by union shops. The private sector contractor is given a place of any kind in this bill.
6. Introduces "Project Rebuilt" - another government agency which will supposedly put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations. Sounds good, but will do nothing for jobs market for two or three years from now. The cost will be 15 billion dollars, half of which will be spent in administrative fees, waste and fraud -- as is the case with all such funds.
7. Provide $1,500 "tax cut" to the "typical" American family. "Tax cut" under Obama is code for "reimbursement." There is no tax cut, here. The typical American family will have to pay income tax on this total.
8. Allowing more Americans to refinance their mortgages at today’s near 4 percent interest rates, which can put more than $2,000 a year in a family’s pocket. The morons who thought this up apparently do not know that only those with the best credit ratings will qualify for a 4 percent mortgage rate and few of these folks need Obama's help.
9. The plan is "fully paid for," according to Obama. So I ask, why has the Senate decided to add a 5% tax hike to millionaires, a tax that was not a part of the "fully paid for Obama plan?"
10. Finally, as far as the bill being "fully paid for" - something Obama has said, time and again, we have this statement in the Jobs Act: To ensure that the American Jobs Act is fully paid for, the President will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. In other words, the funding has not been developed as of yet, (and will not be until the end of the year) but Obama wants the bill past "now."

Sources: a government site and news media reporting.