IS THAT CASH OR CREDIT? – AT 9:10 A.M. ET:  Tomorrow, one day after the Republican debate at the Reagan Library, President Obama will unveil his jobs plan to Congress.  We are being told by the usual informed sources that it comes with a whopping price tag:

WASHINGTON (AP) — The economy weak and the public seething, President Barack Obama is expected to propose $300 billion in tax cuts and federal spending Thursday night to get Americans working again.

Republicans offered Tuesday to compromise with him on jobs — but also assailed his plans in advance of his prime-time speech.

In effect, Obama will be hitting cleanup on a shortened holiday week, with Republican White House contender Mitt Romney releasing his jobs proposals on Tuesday and front-running Texas Gov. Rick Perry hoping to join his presidential rivals Wednesday evening on a nationally televised debate stage for the first time.

Lawmakers began returning to the Capitol to tackle legislation on jobs and federal deficits in an unforgiving political season spiced by the 2012 presidential campaign.

More on the White House plan:

According to people familiar with the White House deliberations, two of the biggest measures in the president's proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together those two would total about $170 billion.

The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could still be subject to change.

The White House is also considering a tax credit for businesses that hire the unemployed. That could cost about $30 billion. Obama has also called for public works projects, such as school construction. Advocates of that plan have called for spending of $50 billion, but the White House proposal is expected to be smaller.

Obama also is expected to continue for one year a tax break for businesses that allows them to deduct the full value of new equipment. The president and Congress negotiated that provision into law for 2011 last December.

COMMENT:  The question is whether this is too little, too late.  Obama will have been in office three years in January.  Yet, only now does he seem to be getting serious about the unemployment crisis.

The bottom line here is that the United States is in trouble.  It will only get out of trouble if our economy grows dramatically.  No combination of budget cuts in Washington and federal programs can begin to compare with a growing economy as a solution.  But our economy is not growing, and one reason has got to be the loss of confidence in the president's leadership and the uncertainly that brings.  Even modest private citizens are fearful about making plans, buying large items or taking risks because of their fear of the future.  Companies are reluctant to hire workers, fearing their profits may be cut in a declining economy.

It took World War II finally to get us out of the Great Depression.  I hope we don't have to go that route again.

September 7, 2011