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obama’s american jobs act

obama’s american jobs act

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Published by: lightseeker on Sep 11, 2011
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Obama’s “American Jobs Act”
As unemployment hovers around 9% and average Americans are hard pressed to make ends meet,President Obama has proposed a bold new initiative to spur economic growth and create much needednew jobs. Democrats broadly support the measure. Republican leaders, chastened by the anger overtheir tactics surrounding their Debt Ceiling Hostage taking maneuver are saying
we will consider it
while the rank and file Congressional R’s are saying already picking it apart. Their alter
native: more taxcuts for corporations and the wealthy.The Democrats of Harris County fight to restore the middle class by promoting opportunity for all.This bill provides a way of reviving opportunity for thousands of hard working Americans by puttingthem back to work.
What American Jobs Act does:
The centerpiece of the bill, known as the American Jobs Act, is an extension and expansion of the cut inpayroll taxes, worth $240 billion, under which the tax paid by employees would be cut in half through2012. Smaller businesses would also get a cut in their payroll taxes, as well as a tax holiday for hiringnew employees. The plan also provides $140 billion for modernizing schools and repairing roads andbridges
spending that Mr. Obama portrayed as cri
tical to maintaining America’s competitiveness.
Key Ideas:
Payroll tax holidayObama has proposed cutting in half the taxes paid by businesses on their first $5 million in payroll,targeting the benefit to the 98 percent of firms that have payroll below this threshold Republicanswidely supported this in the past, most recently during las
t year’s debate on extending the Bush tax
cuts.Obama also proposes completely eliminate payroll taxes for firms that increase their payroll by addingnew workers or increasing the wages of their current worker (the benefit is capped at the first $50million in payroll increases). Sens.Charles Schumer,D-N.Y., andOrrin Hatch,R-Utah, sponsored a payroll tax cut for employers in 2010 who hired workers who have been unemployed for at least 60 days.
Extending unemployment benefits
Obama has proposed reforming the jobless aid system with a “bridge to work” program that offers
temporary work or job training to the unemployed. The proposal is based on theGeorgiaWorksprogram, which has been supported by Republicans, most recently House Speaker Boehner and HouseMajority Leader Eric Cantor.
Creating an infrastructure bank
The president wants to spend $10 billion to capitalize an infrastructure bank to leverage private andpublic investment for modernizing roads, rail, airports and waterways. Sens. John Kerry, D-Mass., andKay Bailey Hutchinson, R-Texas, has co-sponsored similar legislation.Expanding access to high-speed wireless as part of a plan for freeing up the nation's spectrum. Rep.Greg Walden R-Ore., has held hearings on the role of spectrum policy in promoting wireless broadband,bringing interoperable broadband communications to public safety, creating jobs, and reducing thedeficit.
Getting the the wealthiest people in this country and the largest corporations have got to beginpaying their fair share of taxes
Democrats say:
We need jobs now, we can’t wait for the next election.
Mark Zandi
, chief economist at Moody’s Analytics and a top John McCain adviser in 2008, estimates thatthe president’s plan would add 1.9 MILLION jobs, increase economic growth by 2 percentage points in
2012 and lower unemployment by one full percentage point. Zandi added:Something like this is much needed. The economy is on the edge of recession.
Republicans say
: It’s the president’s fault we are in this mess. We can’t spend more money on jobs now.
“A debate that was forced upon us by the historic run
up in debt that’s occurred over the past two and
a half years as a
result of this President’s unprecedented spending,” McConnell said. “Yet here we are,
tonight, being asked by this same president to support even more government spending with the
assurance that he’ll figure out a
way to pay for it
Democrats say: We need to rebuild our infrastructure. It is a scandal that our roads and bridges
Democrats say:
Our roads, bridges and schools are crumbling creating threats to our lives and well-being not only now but in the future also. We need the next generation of quality goods to bear the
stamp: “Made in America”. The
infrastructure bank will do just that.
Republicans say and have said
(they are almost silent on this at the moment):This is not going to create a ton of new jobs. It will create a few jobs, but it will also add to our rapidlygrowing national debt. We need more tax breaks for corporations. We need to remove burdensomeregulations, in other words the Bush growth model.
Democrats say:
We can't afford for folks who are the most fortunate to do the least, and put the largestburden on the folks who are struggling the
most. That doesn't make sense.” We can’t afford to keep
 tax loopholes for oil companies, or the tax breaks for millionaires and billionaires in the present tax code. We have to work as hard for tax cuts for workers and middle-class people as the lobbyist work for
oil companies and rich folks.”
Republicans say:
Obama is
resorting to the lowest form of political rhetoric. And that’s trying to pitpeople against each other on the basis of class and income.”
That’s class warfare. We need
to provide

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