Despite President Barack Obama’s speech on Thursday, in which he pledged to boost the economy, students at Boston University said they are reluctant to place their full faith in the president.
In his address, Obama proposed the American Jobs Act, a $447 billion plan that would include tax cuts, tax credits and initiatives to reduce unemployment.
“The purpose of the American Jobs Act is simple: to put more people back to work and more money in the pockets of those who are working,” Obama said in his speech.
Obama’s proposals span from tax breaks for companies that hire new workers to job creation for the long-termed unemployed, teachers, veterans, construction workers and others, all of which he expects will jolt the economy, he said in his address.
Professor Graham Wilson, chair of the Political Science Department at BU, called the bill “essential economically” and a “golden opportunity” for Obama’s political standing.
Students, however, showed varying degrees of skepticism about the propsal.
Anthony Priestas, a BU doctorate candidate and the president of Liberty at BU, said he thinks the act would fail at creating jobs because the only way for the economy to improve is to downsize government and “enhance freedom.”
“[The government] has prolonged the recession by interfering in the economic adjustment needed after the collapse of the bubble,” he said. “The idea of using borrowed funds or taxpayer money to ‘stimulate’ is flawed and just doesn’t work.”
Priestas added that he thinks extending unemployment benefits will not help the economy.
“This will just add to the debt and encourage people to defer finding work. Rather than paying people not to work, we favor freeing the economy so we can all prosper.”
School of Management senior Greg DeSocio said the act could benefit the economy but should be looked at realistically. Tax-cuts, he said, would benefit the middle class and increase consumption, but would not necessarily show growth if allotted to infrastructure.
“Middle-class workers who are strapped for cash will use this money responsibly, paying down debt and easing the tension when paying bills, but this money needs to be spent on consumer goods or invested in order to make a strong impact on the economy,” he said.
DeSocio said he doubts the impact will be very strong on students, compared to the impact it will have on the middle class and he thinks students will likely be hired by firms at the same rate as before until we see a strong recovery.
“I hope that I am wrong, and I hope that it does reduce the unemployment rate by a full percentage point as some economists are predicting,” DeSocio said. “But I am more fearful that it will have little to no impact, as other economists are predicting.”
DeSocio’s sentiments echo those of other students on campus, who said they want to see these initiatives put to work before they invest their trust in Obama’s plans.
Sneha Marathe, an SMG sophomore, said she thinks the act will help improve the economy.
“I’m not going to have a real feeling for it until it’s actually put to action, but I think it’s nice to know that he has an actual plan,” she said.
“No more lies, no more compromises,” said Katie Kamida, a College of Arts and Sciences sophomore. “We had enough of playing-around. What we need now are actions, not promises.”
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