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He will propose something like this and not just because it makes good sense. He will do it so that the GOP has no choice but to oppose a giant job creating bill. He will do it to be able to go into the election cycle saying he has a way to create millions of jobs and that we can finance it by taxing the wealthy and cutting tax loopholes for corporations. And as great as this all sounds, politically, it wont mean a thing for the President if he cannot sell it. So far, all he has proven to me is that he was great at selling himself to the public while campaigning. I have no idea where "that" Obama has gone though. He has been so terrible at communicating ideas to the electorate since he's been in office. Healthcare, Debt Ceiling... even the killing of Bin Laden wasn't capitalized upon enough. -I've been very shocked by his inability to communicate ideas and accomplishments.
All that being said, I agree that he will put forth something huge like the WPA soon.