What Americans Can Expect From Obama’s Jobs Speech
President Obama will address a Joint Session of Congress tonight to put forth his jobs and growth package. It’s a proposal that could top $400 billion. The plan has been in the works for weeks.
Here’s a rundown of what American’s can expect and what it could cost:
Via CBS News: An extension of payroll-tax cuts. The current payroll-tax cut expires December 31. A renewal would mean a two percentage-point reduction for employees (from 6.2 percent Social Security payroll-tax to 4.2 percent). That comes to about $1,000 per household.
Cost: $120 billion
An extension of unemployment benefits. Congress has extended unemployment benefits several times before, but expect President Obama to call for another 99 week extension. Sources say the president will also propose a job-training program, similar to one in Georgia called Georgia Work$, where companies can take on workers receiving unemployment for a trial period.
Cost: $50 billion
New infrastructure spending. Obama wants to put job-seekers to work refurbishing roads, bridges and specifically, schools. His speech will likely include a major school renovation program, similar to a proposal that has been floating around Washington called FAST – Fix America’s Schools Today.
Cost: $100 billion
Aid for state and local governments and small business tax cuts. The local assistance will focus on keeping both teachers and first responders on payrolls.
Cost: $100 billion
There’s possibly more that could go into the plan but we have to wait and see if or what that will be, tonight. As for Republican support for the package, House Majority Leader Eric Cantor has recognized the need for infrastructure spending and expressed a willingness to compromise on unemployment benefits.
Unemployment benefits can be helpful but people need full time jobs! There’s a lot of companies out there getting over by having one person performing multiple positions. Cutting costs is understandable but being completely unfair to employers by overworking them, and irrationally pinching pennies, is not ok. Maybe more entrepreneurs will start to blossom due to this dire situation.