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Last night, President Obama laid out the American Jobs Act – a set of ideas supported by both Democrats and Republicans that will put people back to work and put more money in the pockets of working Americans. He urged Congress to pass it right away.
Today, we’ve seen reports from economic analysts and statements from CEOs. All of their statements underscore the same message: the American Jobs Act will create jobs and is good for the American people. It will grow the economy, help middle class families and strengthen communities across the nation.
Here’s a quick rundown from the experts:
Moody’s Analytics Chief Economist Mark Zandi: “The fiscal boost from the jobs package next year would be larger than in the first year of the 2009 economic stimulus, said Mark Zandi, chief economist at Moody’s Analytics Inc. Zandi, who was briefed on the plan before the president’s speech, forecast passage of the entire jobs package would add 2 percentage points to economic growth next year and bring down the unemployment rate by 1 percentage point compared with current policy, under which a temporary payroll tax cut and an extended unemployment benefits both expire Dec. 31.”
This morning Economic Forecasting FirmMacroeconomic Advisers issued a report: “We estimate that the American Jobs Act (AJA), if enacted, would give a significant boost to GDP and employment over the near-term. The various tax cuts aimed at raising workers’ after-tax income and encouraging hiring and investing, combined with the spending increases aimed at maintaining state & local employment and funding infrastructure modernization, would: Boost the level of GDP by 1.3% by the end of 2012, and by 0.2% by the end of 2013. Raise nonfarm establishment employment by 1.3 million by the end of 2012 and 0.8 million by the end of 2013, relative to the baseline.”
On CNN last night, Pimco CEO Bill Gross said, “Well, I think it's significant, Piers. I mean, it's $450 billion in terms of a proposal. That is 3% of GDP. If it's passed, you know, it could lead to hundreds of thousands of jobs.”
In a statement last night, Citigroup Chairman Richard Parsons said, “The President's proposed combination of personal and business tax relief, targeted spending to support infrastructure, and aid to states offers several direct and innovative ways of creating jobs and bolstering our economy. The President's focus on assisting small business is spot on, since small business is the engine of job creation.”
The President will continue to make his case directly to the American people about the importance of passing the American Jobs Act. He discussed his strategy to rebuild the economy at University of Richmond this afternoon and he’ll travel to Ohio and North Carolina next week.
This package will keep cops on the beat, first responders on the job, and teachers in the classroom. This package will put folks back to work by rebuilding our roads and upgrading our schools. Plain and simple, this package will create jobs and help rebuild the economy. The time for obstruction and gridlock is over. Congress needs to put country ahead of politics, and pass the American Jobs Act.
Find out more about the American Jobs Act
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The Secretary of Homeland Security reflects on how one of our nation's darkest days showed us some of the best of America. She pays tribute to those who lost their lives that day, and says the anniversary is an opportunity for Americans to recommit to the ideals of service and sacrifice. Secretary Napolitano also reminds Americans that our homeland security begins with hometown security.
RELATED:
President Obama called on the American people to come together in the spirit of service on the tenth anniversary of the September 11th attacksSee more video remembrances of September 11 from Cabinet members
Attorney General Eric Holder
Secretary of Defense Leon Panetta
Secretary of Veterans' Affairs Eric Shinseki -
Ed. Note: Cross-posted from the USDA Blog.
Last night, I went to the Capitol to hear the President address Congress about the way forward to grow the economy and create jobs.
There is no doubt that these have been tough times. And it’s very tough for the many Americans who are looking for work. So we’ve got to keep finding ways to help the unemployed in the short term and rebuild the middle class over the long term.
The American Jobs Act that President Obama laid out this evening will have an immediate impact. It will create jobs now. And it is based on bipartisan ideas that both Democrats and Republicans have supported in the past.
Americans living in rural communities know well that the specific ideas in the bill work. -
The Secretary of Defense can remember every single moment of the day that changed America forever but what still resonates with him most was seeing how America unified because of the attack.
President Obama called on the American people to come together in the spirit of service on the tenth anniversary of the September 11th attacks
See more video remembrances of September 11 from Cabinet members
Attorney General Eric Holder
Secretary of Homeland Security Janet Napolitano
Secretary of Veterans' Affairs Eric Shinseki
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September 09, 2011
05:13 PM EDTThe purpose of the American Jobs Act, which President Obama presented to Congress last night, is simple: Put more people back to work and put more money in the pockets of working Americans. The President's plan will rebuild the economy the American way -- based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street.
The American Jobs Act offers benefits for workers and for business owners -- to see what impact the Jobs Act will have in your community, click on the link below for your state.
Find out more about the American Jobs Act
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September 09, 2011
05:13 PM EDT
President Barack Obama talks with Ambassador Ali Suleiman Aujali of Libya, during a credentialing ceremony in the Oval Office, Sept. 9, 2011. (Official White House Photo by Pete Souza)
This afternoon, I had the privilege to accompany Ambassador Ali Suleiman Aujali to present his credentials to President Obama as the first Ambassador to the United States from a free Libya. The ceremony was a powerful symbol of the transition underway in Libya and the strong support of the United States for the Transitional National Council and the Libyan people.
Just seven months ago, Ambassador Aujali resigned as Ambassador in Washington in protest against the horrible violence perpetrated by the Qadhafi regime against its people. He did so not knowing whether Qadhafi would survive and put down this uprising, just as Qadhafi had managed to repress any dissent throughout his 42-year rule. But today, Ambassador Aujali came to the White House representing a new government that has recently taken over the capital and begun the long process of unifying and rebuilding Libya and undertaking an inclusive, democratic transition.
Today’s ceremony also represents the continued evolution of American support to the Libyan Transitional National Council (TNC). At the July 15th Istanbul Libya Contact Group meeting, Secretary of State Hillary Clinton announced our recognition of the TNC as the legitimate government of Libya at this time. Last month, Ambassador Aujali reopened the Libyan Embassy in Washington under the flag of the new Libya. We hope to reopen our Embassy in Tripoli in the coming weeks. And today, we became one of the first countries around the world to fully credential a Libyan ambassador
srepresenting the new Libya.I look forward to working with Ambassador Aujali and his team in the coming months to continue strengthening the ties between the United States and Libya. I am confident he will be a great advocate for continued partnership, just as he worked tirelessly with our government to help ensure that more than 1500 Libyan students and their families could remain in the United States and continue their studies when the conflict interrupted their funding.
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On the tenth anniversary of the most devastating attack on American soil in history, the Secretary of Veterans Affairs remembers those we lost and pays tribute to the 3 million men and women who have served in our military since September 22, 2001, all volunteers who signed up knowing they were likely to see combat.
President Obama called on the American people to come together in the spirit of service on the tenth anniversary of the September 11th attacks
See more video remembrances of September 11 from Cabinet members
Attorney General Eric Holder
Secretary of Homeland Security Janet Napolitano
Secretary of Defense Leon Panetta -
September 09, 2011
04:30 PM EDTEd. Note: The following is a cross-post that originally appeared on the Office Of Science and Technology Policy blog.
President Obama just unveiled the American Jobs Act, an ambitious plan to create jobs across the country and put more money in the pockets of American workers and businesses – all without adding a dime to the deficit.
The President’s jobs plan, specifically crafted to garner quick bipartisan support, also promises to dramatically accelerate the pace of American innovation and the success of U.S. entrepreneurs, who have historically been responsible for virtually all new job growth across the country. Here are five highlights:
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Boosting access to capital for high-growth companies: America’s most innovative companies need equity capital to grow and hire faster. As part of the President’s Startup America initiative, the Administration will work to unlock this capital through smart regulatory changes that are consistent with investor protection. This means reducing the disproportionately high costs that smaller companies face when going public, as well as raising the cap on “mini” public offerings (Regulation A) from $5 million to $50 million. It also means responsibly allowing startups to raise money through “crowdfunding” – gathering many small-dollar investments that add up to as much as $1 million. Right now, entrepreneurs like these bakers and these gadget-makers are already using crowdfunding platforms to raise hundreds of thousands of dollars in pure donations – imagine the possibilities if these small-dollar donors became investors with a stake in the venture. Steve Case, chairman of the Startup America Partnership, noted after he joined the First Lady as a guest at the President's speech, that "High-growth entrepreneurial businesses have been responsible for nearly all of the net jobs created in the last three decades – so policies that make it easier for entrepreneurs to start and expand companies must be at the epicenter of any jobs effort. While Republicans and Democrats don't seem to agree on much these days, they do agree that entrepreneurs hold the key to a bright economic future. Therefore, I hope both parties will put politics and partisanship aside, and work together to ensure the success of the next generation of great American companies."
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Turning job-seekers into job-creators: Through innovative use of Federal unemployment insurance funds, all 50 states will have the flexibility to support long-term unemployed workers who create their own jobs by starting their own companies. A few states already have these self-employment assistance (SEA) programs, many of which have been remarkably successful. For example, SEA allowed two unemployed software developers to co-found a new mobile advertising company in 2009 – and today that company has raised $6.5 million in venture capital, employs 28 workers, and plans to hire many more.
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Unleashing innovation in wireless high-speed Internet: Bipartisan, job-creating legislation will speed deployment of high-speed wireless Internet service to at least 98% of Americans, including those in remote rural communities like the students using online learning tools who met the President on his trip to Marquette, Michigan. By freeing up spectrum through private-sector incentive auctions, this plan will also reduce the deficit while creating a nationwide, interoperable wireless network for public safety, as recommended by the 9/11 Commission.
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Modernizing more than 35,000 schools: Investing $25 billion in K-12 school infrastructure will put thousands of construction workers back on the job—with new science labs and Internet-ready classrooms a priority, in keeping with the President’s Educate to Innovate campaign to make American students the world’s best in science, technology, engineering, and mathematics (STEM).
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Making government services transparent to job creators: The President has directed both his CIO and CTO to launch BusinessUSA within 90 days. This one-stop online platform will provide access to information about the full range of government programs and services businesses need to compete globally – and it will represent the next major accomplishment of the Open Government Initiative.
The President’s jobs plan includes plenty of other important initiatives to fuel innovation and entrepreneurship, including $1 billion to support NextGen air traffic modernization, a new National Infrastructure Bank, and skills-based training for low-income youth and adults to help them enter the innovation economy. It will put Americans back to work in the near term, while further strengthening our long-term foundation for growth. We believe Congress should come together in response to the President’s call to action, and “Pass this bill right away.”
If you would like to find out more about the American Jobs Act, you can watch a special enhanced version of the speech, featuring charts and other relevant information here.Aneesh Chopra is U.S. Chief Technology Officer.
Tom Kalil is Deputy Director for Policy at OSTP.
Find out more about the American Jobs Act
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Boosting access to capital for high-growth companies: America’s most innovative companies need equity capital to grow and hire faster. As part of the President’s Startup America initiative, the Administration will work to unlock this capital through smart regulatory changes that are consistent with investor protection. This means reducing the disproportionately high costs that smaller companies face when going public, as well as raising the cap on “mini” public offerings (Regulation A) from $5 million to $50 million. It also means responsibly allowing startups to raise money through “crowdfunding” – gathering many small-dollar investments that add up to as much as $1 million. Right now, entrepreneurs like these bakers and these gadget-makers are already using crowdfunding platforms to raise hundreds of thousands of dollars in pure donations – imagine the possibilities if these small-dollar donors became investors with a stake in the venture. Steve Case, chairman of the Startup America Partnership, noted after he joined the First Lady as a guest at the President's speech, that "High-growth entrepreneurial businesses have been responsible for nearly all of the net jobs created in the last three decades – so policies that make it easier for entrepreneurs to start and expand companies must be at the epicenter of any jobs effort. While Republicans and Democrats don't seem to agree on much these days, they do agree that entrepreneurs hold the key to a bright economic future. Therefore, I hope both parties will put politics and partisanship aside, and work together to ensure the success of the next generation of great American companies."
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President Obama today said that he is "an eternal optimist" who believes in America, and in our democracy and that Congress will do the right thing, and pass the American Jobs Act,
Speaking to students at the University of Richmond, the President discussed why the actions he laid out last night in a joint address to Congress need to be taken quickly:
It will create more jobs for construction workers. More jobs for teachers. More jobs for veterans. More jobs for young people. More jobs for the long-term unemployed. It will provide a tax break to companies if they hire new workers. It will cut payroll taxes in half for every small business owner and every working American. It will jumpstart an economy that has stalled, and it will give companies the confidence that, if they hire new workers and they invest in their businesses, then there are going to be customers there who can afford to actually buy the things they’re selling.
Passing this jobs bill will put people to work rebuilding our crumbling roads and our crumbling bridges. And it will also help us rebuild our schools. I just -- in the back, I was taking some photos with folks who had helped out to organize this event, and there was a young lady who is a teacher. And she said, “I heard your speech last night. I really appreciate it. I’m teaching eighth grade English, and I teach in a trailer.” We shouldn’t have people teaching in trailers. We shouldn’t have kids learning in trailers. They should have classrooms with Internet and science labs.
You’ve got aging bridges on I-95 -- need to replace them. You’ve got schools... that need to be upgraded. There are millions of unemployed construction workers across America ready to put on their tool belt and get dirty. I don’t know about you -- I don’t want the newest airports, the fastest railroads, to be built in China. I want them to build -- I want them to be built right here in the Unites States of America.
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On Thursday, President Obama introduced the American Jobs Act, and called on Congress to pass it quickly so we can put more people back to work and put more money in the pockets of working Americans. Now organizations and businesses are adding their voice to the call for action
Teamsters, Jim Hoffa, General President
“Congress must pass President Obama’s plan now. The jobs crisis is an American problem. It isn’t President Obama’s problem and it isn’t a Republican or Democratic problem. All Americans need to come together to create good jobs for the good of our economy and the good of our country.”Service Employees International Union (SEIU), Mary Kay Henry, President
“Tonight, President Obama displayed the leadership America needs by laying out a strong agenda to get America back to work. The proposals he outlined are an excellent starting point in the crucial effort to create good jobs now.”United Food and Commercial Workers International Union (UFCW), Joseph Hansen, President
“President Obama’s plan for job creation, including a private fund to rebuild our roads and schools, a tax cut for companies that hire workers and help for the long-term unemployed, is a good start. The nation’s job crisis demands leadership from President Obama, but he cannot revive the economy alone. Bold leadership is also needed from Republicans in Congress and the business community in order to create jobs that can support a family and rebuild the middle class.”Laborers’ International Union of North America (LIUNA), Terry O’Sullivan, General President
“We applaud President Obama's bold, smart, progressive plan for putting Americans back to work. At its foundation, The American Jobs Act is based on something we’ve always believed – if America wants to continue being a great nation, it needs to outbuild its rivals and ensure it has the greatest transportation system in the world.”The Sheet Metal Workers’ International Association (SMWIA), Joseph J. Nigro, General President
“Last night, President Obama displayed the leadership America needs by outlining out a strong agenda to get America back to work. Action is needed on these proposals now to get America moving again.” -
Ed. Note: This blog post originally appeared on the The Justice Blog, created by the Department of Justice.
Last night, President Obama laid out a bold, comprehensive plan to save and create jobs, to advance our continuing recovery efforts, and to restore our nation’s economic strength. In the coming days, as Congress considers legislation aimed at accomplishing these goals – and as a robust national debate unfolds – it’s more important than ever to remember that economic conditions across the country are inextricably linked to the security of our communities, and the safety of the American people.
That’s why a central component of the President’s plan includes several proposals designed to preserve – and to create – critical jobs for members of the first responder community – including police officers, firefighters, and other essential public safety personnel. At a time when federal, local, state, and tribal authorities have been forced to contend with rapidly growing demands and increasingly limited budgets, this support could hardly be more necessary – or more urgent.
By providing basic resources to keep cops on the beat and firefighters on the job, we can reinforce local departments whose ranks have been depleted by budget constraints. We can maintain the core emergency response capabilities that so many Americans depend on every day. And we can reaffirm our commitment to keeping our neighborhoods safe from crime and terror.
As we look to the future, my colleagues and I across the Justice Department – and throughout the Administration – will continue to work diligently and collaboratively to prevent and combat violent crime, to protect the American people from an array of global threats, and to safeguard the sacred rights of all those we are privileged to serve. The American Jobs Act represents an essential step forward in these efforts – and will also provide the enhanced resources and authorities that are necessary not only to ensure public safety and create jobs, but to increase fairness in employment and hiring practices from coast to coast.
In moving ahead with this work, we don’t have a moment to lose. The time for decisive action is now. The American Jobs Act provides law enforcement officers and other critical public safety officials with the support – and the resources – they desperately need.
If you would like to find out more about the American Jobs Act, you can watch a special enhanced version of the speech, featuring charts and other relevant information here.Eric Holder is the Attorney General of the United States
Find out more about the American Jobs Act
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President Barack Obama outlines the details of the American Jobs Act during an address to a Joint Session of Congress in the House Chamber of the U.S. Capitol in Washington, D.C., Sept. 8, 2011. (Official White House Photo by Lawrence Jackson)
On Thursday September 8, President Obama presented the American Jobs Act in an address to Congress. The purpose of the American Jobs Act is simple: put more people back to work and put more money in the pockets of working Americans. We've created some fact sheets you can download that explain what the President is asking Congress to do, and what the Jobs Act will mean for you.
Read the complete American Jobs Act that President Obama sent to Congress
Download the highlights of the Jobs Act
Read the complete overview of the Jobs Act
See what impact the American Jobs Act will have in your state
Watch the enhanced version of the President's Address to Congress which features graphs, charts and other facts that influenced the President's decision making.
Find out how state and local officials are responding to the American Jobs Act
Still have more questions? Join senior White House officials on Twitter next week for office hours
Find out more about the American Jobs Act
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Last night, President Obama presented Congress with a plan for economic action. For many unemployed Americans, the American Jobs Act could be the difference between finding a job, and remaining unemployed. For those who are employed, it would put more money in their pocket. For small business owners, it would remove barriers to growth, cut taxes, incentivize investment and create new demand.
Every element in this plan has been supported by members of both parties in the past. It would not add a single dime to our deficit. As the President said last night, Congress should pass this plan right away.
Those in Congress who haven’t yet decided to support the President’s plan should consider how much it will help America’s women and girls. We’ve put together a factsheet (pdf) that shows what the programs in the American Jobs Act would do for women. I’ll highlight just a few of those programs below.
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September 09, 2011
11:31 AM EDTEd. Note: An op-ed written President Obama appears in USA Today, In it, he urges Americans to reclaim the unity that moved us forward as a nation after the attacks on 9/11. The full text is printed below:
Let's reclaim the post-9/11 unity
Ten Septembers have come and gone since that awful morning. But on this 10th anniversary of the 9/11 attacks, we are summoned once more to honor those we lost by keeping our country strong and true to their memory.
Over the coming days, we will remember nearly 3,000 innocent victims — fathers and mothers, sisters and brothers, sons and daughters who were simply going about their daily lives on a beautiful Tuesday morning. And we'll talk to our children about what happened on that day, and what's happened since.
Like every American, I'll never forget how I heard the terrible news, on the car radio on my way to work in Chicago. Yet like a lot of younger Americans, our daughters have no memory of that day. Malia was just 3; Sasha was an infant. As they've grown, Michelle and I faced the same challenge as other parents in deciding how to talk with our children about 9/11.
One of the things we've told them is that the worst terrorist attack in American history also brought out the best in our country. Firefighters, police and first responders rushed into danger to save others. Americans came together in candlelight vigils, in our houses of worship and on the steps of the U.S. Capitol. Volunteers lined up to give blood and drove across the country to lend a hand. Schoolchildren donated their savings. Communities, faith groups and businesses collected food and clothing. We were united, as Americans.
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Following the President’s speech where he called on Congress to pass the American Jobs Act, bi-partisan governors, mayors, and state legislators have spoken out and echoed the President’s call to put more people back to work and put more money in the pockets of working Americans.
Mesa, Arizona Mayor Scott Smith:
It is encouraging to hear the President's proposal include business-friendly concepts such as expanded tax cuts and smart infrastructure investment. I am also encouraged that job creation and deficit reduction are mutual goals.
Los Angeles, California Mayor Antonio Villaraigosa:
President Obama delivered a strong and clear message to Congress, the silly season in Washington is over. After spending the better part of the year trading jabs, Congress must now turn its attention to creating jobs. The President's plan is practical enough to pass Congress with the inclusion of bipartisan policy proposals. It is also bold enough to have the impact our country needs to build our way out of this historic economic challenge.
San Francisco, California Mayor Ed Lee:
President Obama’s speech tonight must be a wakeup call to leaders from Washington to Sacramento to San Francisco that it’s time to put politics aside and unite around our nation’s number one priority – creating jobs. The President’s call for aid to cities and states and a renewed commitment to infrastructure investments will directly boost our efforts to create jobs here in San Francisco and keep our City’s economy moving on the right track.
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"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," President Obama said to a joint session of Congress. Following President Obama's speech, we wanted to hear from you and answer your questions. That's why we hosted a live Open for Questions event with administration officials and a Tweetup Briefing with Press Secretary Jay Carney. We're also bringing back White House "Office Hours" on Twitter, and we hope you'll join.
Here's how it works and how you can participate:
- Use the hashtag #WHChat on Twitter to ask your questions on President Obama’s speech and the American Jobs Act
- Senior staff will respond to your questions during scheduled "Office Hours" in real-time via Twitter from the @WHLive account
- Follow the whole Q&A session @WHLive, or just check out the highlights @WhiteHouse
Here's the upcoming Office Hours schedule:
- Friday, September 9th:
- Tuesday, September 13th:
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Wednesday, September 14th:
- (Updated) 6:30 p.m. EDT: Office Hours with Stephanie Cutter, Assistant to the President and Deputy Senior Advisor
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Thursday, September 15th:
- 4:00 p.m. EDT: Office Hours with Jason Furman, Principal Deputy Director of the National Economic Council
Follow us @WhiteHouse and @WHLive for the latest updates.
Note: We'll do our best to stick with this schedule, but times are subject to change. If you can't join us on Twitter for the live session, we'll always post the transcript on Storify and on WhiteHouse.gov/officehours
Find out more about the American Jobs Act
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Karen Mills, SBA Administrator
Anyone who saw President Obama speak last night knows that helping small businesses create jobs is the core of the American Jobs Act. The President laid out powerful, bipartisan, specific, paid-for proposals that will help put America back to work now. This includes:
- Cutting in half the payroll taxes for small businesses for the first $5 million in wages
- Temporarily eliminating employer payroll taxes for small businesses that create jobs or give raises above the prior year
- Extending an immediate 100% expensing write-off to encourage businesses to invest in more machinery and equipment
- Large tax credits (up to $4,000) for businesses that hire unemployed workers, with bigger credits (up to $9,600) for hiring unemployed veterans and service-disabled veterans
- Powerful investments in schools, roads, rail, and airports while helping small business contractors compete for infrastructure contracts
- Making it easier for States to allow unemployed workers to create their own jobs by starting their own business
America’s small businesses – like DynaLabs that I’m visiting today in St. Louis – are counting on Congress to turn this plan into reality.
Founded in 2003, Dynalabs specializes in using cutting-edge technologies to provide quality-assurance services to large medical companies. They recently increased their staff by nearly 50%, and they will soon open a new facility to possibly add even more jobs to meet demand. We need to make sure they have every incentive to hire their next workers as quickly as possible.
As the President said, the Administration is moving forward with ideas that don’t need Congressional action, such as paying small businesses more quickly for federal contracts and cutting the red tape that prevents many fast-growing startups from get the capital they need through things like “crowdfunding.”
We need Congress to join us in putting small businesses first and getting the job done. If they do the right thing, the American Jobs Act will empower the world’s greatest entrepreneurs and small business owners to do what they do best: create good jobs, drive competitiveness and innovation, and strengthen economic security for the middle class.
The time to act is now.
Find out more about the American Jobs Act
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Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Ave. This week, the President visited New Jersey communities recovering from Hurricane Irene, celebrated Labor Day in Detroit, welcomed NASCAR Champions to the White House and unveiled the American Jobs Act before a Joint Session of Congress.
Find out more about the American Jobs Act
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This evening, the President addressed a joint session of Congress and presented the American Jobs Act, a comprehensive plan to put America back to work. It was created from a set of ideas supported by both Democrats and Republicans, and it acknowledges that if we are going to restore America's middle class, we need to rebuild the economy the American way, based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street.
Viewers who tuned in to watch it live-streamed from whitehouse.gov/live got an enhanced experience, one that included real time graphic elements that explained the research and the facts that helped inform some of aspects of the American Jobs Act. And now you can watch it that way, too.
Flip through the enhanced graphics slideshow below:
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To create more jobs now, the President is sending Congress the American Jobs Act – a set of ideas supported by both Democrats and Republicans that Congress must pass right away. The purpose of the American Jobs Act is simple: put more people back to work and put more money in the pockets of working Americans. Here’s how:
- First, it provides a tax cut for small businesses, not big corporations, to help them hire and expand now, and provides an additional tax cut to any business that hires or increases wages.
- Second, it puts more people back to work, including up to 280,000 teachers laid off by state-budget cuts, first responders and veterans coming back from Iraq and Afghanistan, and construction workers repairing crumbling bridges, roads and more than 35,000 public schools, with projects chosen by need and impact, not earmarks and politics. And, it expands job opportunities for hundreds of thousands of low-income youth and adults through a new Pathways Back to Work Fund that supports summer and year round jobs for youth; innovative new job training programs to connect low-income workers to jobs quickly; and successful programs to encourage employers to bring on disadvantaged workers.
- Third, it helps out-of-work Americans by extending unemployment benefits to help them support their families while looking for work and reforming the system with training programs that build real skills, connect to real jobs and help the long-term unemployed. It bans employers from discriminating against the unemployed when hiring, and provides a new tax credit to employers hiring workers who have been out of a job for over 6 months.
- Fourth, it puts more money in the pockets of working and middle class Americans by cutting in half the payroll tax that comes out of every worker's paycheck, saving families an average of $1,500 a year’ and taking executive action to remove the barriers that exist in the current federal refinancing program (HARP) to help more Americans refinance their mortgages at historically low rates, save money and stay in their homes.
- Last, the plan won’t add a dime to the deficit and is fully paid for through a balanced deficit reduction plan that includes closing corporate tax loopholes and asking the wealthiest Americans to pay their fair share.
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