For the last month, President Obama has traveled around the country drumming up support, and explaining the benefits of his American Jobs Act. This week in October, the Senate will vote on passing the $447 billion jobs act. Many independent economist and experts support this initiative, and believe the jobs act has the potential to lower unemployment.
On September 8th, the president laid out his American Jobs Act to a joint session of Congress, and a national television audience. “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. It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for the long-term unemployed,” said President Obama.
President Obama is calling on Congress to pass the American Jobs Act now. The recovery of our economy is extremely fragile, and businesses need consumers to spend money. The only way businesses can continue to grow, and be successful is that they hire more employees.
The American Jobs Act has five main components to help create jobs. The first component is “Tax Cuts to help Americans” with small businesses hire and grow. The president is proposing immediate incentives for small businesses to support hiring and investment from now into 2012. He also is asking for millionaires and billionaires to pay a more equitable share in their percentage of taxes.
The second component is putting “Workers Back on the Job,” while rebuilding and modernizing America. The president is proposing putting Americans to work rebuilding roads, railways, bridges, and schools in need of repair. He would also like to save 280,000 teaching jobs, and make a $30 billion investment to rehire more or laid-off educators.
The third component is “Pathways Back to Work” for Americans looking for jobs. The president is proposing sweeping reforms to the unemployment insurance to help those without jobs transition to the workforce. There will be a need for transitional training through workforce initiatives, for people who need updated skills and technology training.
The fourth component is “More in the Pockets” of every American worker and family. The president’s plan will expand the payroll tax cut, cutting workers payroll taxes in half next year. This provision will provide a tax cut of $1500 to the typical family earning $50,000 a year.
The fifth component is that the American Jobs Act is “Fully Paid For.” The president will release a detailed deficit reduction plan that will pay for every penny of the bill. This component will be extremely challenging, because there is still no concrete evidence that this job act will not cost additional funding.
Ironically, as the president is proposing the jobs act, there is a movement in the country to demonstrate against the large international conglomerates that control the world. This demonstration started on Wall Street. Now all around the country, citizens are protesting the large conglomerates practices and actions, and they want them to pay their share of taxes.
The president is asking Americans to call up their Congressperson, to make sure our legislators know that they need to pass the bill now. Faye Wyoming a citizen says, “It is time to stop the bickering, stop the squabbling, and put Americans back to work.”
As Americans speak out, and support the American Jobs Act, it will be difficult to get the act passed. There will be 60 Senate votes needed to pass the bill, and many experts think the Democrats in the Senate do not have enough votes.