Obama’s Jobs Plan Unveiled

Obama just got done addressing the nation about his new jobs plan and there have been many mixed reviews.  The U.S. economy has been hurting for quite some time and the one way to help the nation to get out of this bind would be by coming up with an aggressive plan of action that could not only help stimulate jobs but also help by putting money back into the nations economic system.

President Obama is planning on going to the Rose Garden today to discuss his jobs creation plan as well as officially sending it to the floor of the Congress tonight.  Obama will be surrounded by those who will benefit from the American Jobs Act, such as teachers, veterans, small business owners and the unemployed.  This jobs plan is critical for the nation and will help to stimulate the downward spiraling economy.

What’s The Plan?

President Obama’s jobs plan is a $447 billion dollar plan that will help to not only create jobs but also to stimulate the economy.  The American Jobs Act consists largely of really great positives for both the Republicans and the Democrats.  These are some of the ares the plan will touch:

• Targeted tax cuts
• Expanding domestic oil and gas production that has been stymied by current environmental rules.
• Accelerating infrastructure.
• Easing regulations that help with allowing procedures as well as VISA requirements.
• Overhauling the U.S. tax code.
• New job training assistance.
• Extend and expand the current payroll tax cut.
• Extension of unemployment benefits.
• Give incentives to businesses who hire an unemployed worker.

This plan would not only help people who are unemployed and looking for jobs, it would also help businesses as well.  The plan would help companies and businesses by cutting the payroll taxes for companies with up to five million in payroll expenses.  The plan would also help in creating a payroll tax holiday, if the company hires new employees.  Another benefit that businesses and companies will be seeing is that if they hire individuals who have been out of work for six months or more, they will be compensated with a tax credit, up to $4000.  States will also be awarded help and money on this plan.  For states that choose to keep firefighters, cops and teachers, they will be rewarded by begin given federal funding to help the state and the people who live there.

Job Creation

The White House has not released any official figures on how many jobs would be created by this jobs plan, however others have estimated that roughly 8 million jobs could be created due to the jobs plan.  Some skeptics have stated that 8 million is an over estimate and that they believe that it would be closer to 2 million jobs created based upon the plan and how it would be enacted.

Critics

Many have critiqued the plan for saying that it only offers temporary solutions and does not have any staying power.  For instance most of the proposals require federal spending which is suppose to spur growth, but what happens after that?  Some economists have stated that the Obama plan is a lot like the stimulus package that was dispersed two years ago.  They have stated that by pumping money into the economy and expecting job creation to happen seems a bit far fetched since we saw what happened with the stimulus plan.

Supporters

However surprising, the Obama plan has received approval from the GOP as well as the Democrats.  Amongst the supporters of the plan is House Speaker John Boehner, which is saying a lot.  The plan really gives the Republicans as well as the Democrats things to look forward to.  The tax credits, tax cuts, awarding money to infrastructure as well as extending the unemployment benefits, really benefits both sides of the party.  All in all, I would say the Obama plan is definitely full benefits for both sides of the party as well as the citizens of America.