State of union message: Who gets what?
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President Barack Obama spent much of his 71-minute State of the Union message last week speaking directly to America's businesses, plying them with tax cuts and hiring incentives. He mentioned "jobs" 29 times, "economy" 15 times and "business" or "businesses" 30 times.
It begins, the president said, with our economy. The speech ended there, too, as the Mr. Obama concluded his remarks by discussing two letters sent to him in recent days -- one from a "struggling small business owner" and another sent by "the woman who said [she] and her neighbors have felt the pain of recession."
"Jobs," he said, "must be our No. 1 focus in 2010."
As is the case with all State of the Union addresses, much was proposed -- some of it new, some of warmed-over from previous speeches -- but much of what was championed may never become law or come to pass: Banks were quick to pan the proposed "modest fee" on financial institutions. Senate Republicans remain united in opposition of the president's health care overhaul. Economists seemed dubious that the United State could double its exports in just five years.
The speech, in the end, is a wish list, a declaration of priorities, and it won't be known for years whether Mr. Obama is able to keep any of his promises. But in the hypothetical world where the president gets everything that he's wishing for, who wins and who loses?
In last year's budget, Mr. Obama proposed eliminating tax breaks for oil companies. Congress didn't move on that request, so the president has made the same pitch in his 2010 speech. But it's not all bad news for Big Oil -- the president also signaled that he's ready to make "tough decisions about opening new offshore areas for oil and gas development."
President Obama -- like Presidents Bush, Clinton and Bush before him -- wants to steer more money toward clean energy and renewable fuels. And he wants "a generation of safe, clean nuclear power plants in this country."
Clean energy business groups applauded the speech. "Investing in clean energy right here in America is the best way get our economy back on track and create thousands of good jobs," said Michael Fedor, director of Repower Pennsylvania.
First Published January 31, 2010 12:00 am
