Monday, September 12, 2011

The American Jobs Act

Yesterday, on the tenth anniversary of 9/11, the nation honored those who risked their lives and helped America rise from the rubbles – the firefighters, police officers, and other rescue workers.

But to increase America’s competitiveness in a global marketplace, withstand the pressures from a European financial crisis, decrease unemployment, and help restore the financial stability of our nation, we must assist the others who also serve their communities – the teachers, small-business owners, and the middle-class.

That’s who the American Jobs Act would help:

1. It provides tax cuts for small businesses
Small businesses have generated 64 percent of net new jobs over the past 15 years . This tax cut will lower these businesses’ costs and provides incentives to increase wages and hire more unemployed workers.

2. It helps out-of-work Americans by extending unemployment benefits

3. It provides tax cuts for the middle-class
By reducing payroll taxes, Obama’s new jobs act would put more money in the pockets of working Americans.

4. It aids states to prevent layoffs of teachers, police officers, firefighters, and other government employees

5. It invests in infrastructure to create immediate employment

Read the White House factsheet:

By providing BOTH tax cuts and spending increases, Obama’s plan will boost our economy.

According to Mark Zandi, chief economist at Moody's rating agency and former adviser to Republican presidential candidate John McCain, the plan will add to economic growth, add nearly 2 million jobs and reduce the unemployment rate. Further, he mentioned that, "There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that's been supported by both Democrats and Republicans.”

So far, Republican House Majority Leader Eric Cantor has shown willingness to compromise. Let’s hope it stays that way.

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