President Obama Delivers "Tough" Speech to Congress, Tells Republicans Unemployed Americans Can't Wait 14 Months for a Solution

President Obama pushes ambitious $447 billion jobs plan, but why did we have to wait 961 days to hear this plan, just 424 days shy of the next general elections?

President Obama delivered a "tough" speech and that's the kind of fighting spirit we needed to see in the president. While I may not agree with everything he's proposing, I do agree that unemployed and underemployed Americans cannot afford to wait "14 months for the elections" for a solution. Yeah, I'm going to say it, why did it take 961 days for him to realize we needed an intervention? If you ask me, both he and the Congress have largely ignored the people on Main Street until an election comes a-calling -- 424 days until Nov. 6, 2012, to be exact. If this is so urgent, then I think the Martha's Vineyard vacation could have waited, don't you? Don't get me wrong, President Obama inherited a sh*t load of mess from the previous administration, but he was been weak and waffling on economic issues. While I am encouraged by some aspects of his "ambitious" plan, I am still skeptical we will ever see any of it come to fruition, specifically enough to have a significant effect on the plight of Main Street.

Key Elements to President Obama's Jobs Plan:

EMPLOYEE PAYROLL TAX HOLIDAY

Obama is proposing a $175 billion one-year extension and expansion of the employee payroll tax holiday that would halve the tax rate to 3.1 percent in 2012.

EMPLOYER PAYROLL TAX HOLIDAY

Obama is seeking $65 billion to encourage small businesses to hire more workers. This includes halving employer payroll taxes to 3.1 percent for the first $5 million of a company's wage bill in 2012, which the administration says will reach 98 percent of small businesses. He also wants a complete payroll tax holiday for increasing the size of the payroll by up to $50 million above the prior year, either by hiring new workers or raising the salaries of the existing labor force.

HOUSING

Obama wants to broaden homeowner access to mortgage refinancing and help the battered housing market by allowing households to take advantage of ultra-low borrowing costs that would help them put their finances on a sounder footing.

Administration officials say he hopes to push forward with a plan in the next few weeks. To hammer out a proposal, the Treasury Department is talking with U.S. mortgage finance giants Fannie Mae and Freddie Mac, and their regulator the Federal Housing Finance Agency, to figure out ways to broaden access for homeowners by removing barriers to refinancing.

EXTENDING 100 PERCENT COMPANY EXPENSING INTO 2012

At a cost of $5 billion, Obama wants to extend a 100 percent expensing tax break for companies, allowing them to immediately take a tax deduction for investment in new plant and equipment.

$85 BLN IN AID FOR STATE AND LOCAL GOVERNMENTS

-- $35 billion to keep teachers, firefighters and police officers in their jobs, of which $30 billion would go to schools and $5 billion to police and firefighters.

-- $30 billion to modernize schools and community colleges.

-- $15 billion to rehabilitate and refurbish vacant and foreclosed homes.

-- $5 billion to help low-income youths and adult workers, supporting summer and year-round jobs for young people and support subsidized work for unemployed low-income workers.

ROAD, RAIL AND AVIATION INFRASTRUCTURE SPENDING

Obama seeks $50 billion to invest in highways, transit, rail and aviation, including upgrading U.S. airports and supporting Nextgen Air Traffic modernization.

INFRASTRUCTURE BANK

Obama wants $10 billion to capitalize an infrastructure bank to leverage private and public infrastructure investment "without earmarks or traditional influence," the White House says.

EXTENDING UNEMPLOYMENT INSURANCE, BRIDGE TO WORK

-- $49 billion for a one-year extension of long-term unemployment benefits that would otherwise expire, which the White House says prevents 6 million jobless Americans from losing benefits. It includes reforms to the jobless aid system and a "bridge to work" program to help get unemployed people back to work.

-- $8 billion for tax credits for long-term unemployed. Source: Reuters

CLICK HERE TO READ THE FULL TEXT OF PRESIDENT OBAMA'S SPEECH.