The American Jobs Act -- $447 Billion

The American Jobs Act — $447 Billion

Four hundred forty-seven billion dollars.

Again, $447 billion. This is the amount of stimulus proposed as part of the American Jobs Act. To put it in perspective, this is equivalent to approximately $31,000 for every American who is out of work. Hopefully this will have a positive impact on the jobs environment and the economy.

What’s The Latest?

In his most recent radio address, President Obama encouraged Congress to “schedule a bote before the end of this month”. (“This month” being October 2011). Sounds good, right?

Well, as we have witnessed with almost every other piece of legislation brought before Congress recently, there are disagreements. These differing viewpoints will serve to delay a vote.

Essentially, Republicans are opposed to using tax increases to pay for the proposals, while Democrats are opposed to reductions in business regulations that Republicans would like to add to the bill.

The likely outcome is that certain provisions of the act will be voted upon, and passed, while aspects will continue to be debated in Congress during coming months.

How Will The American Jobs Act Create Jobs?

The proposals in the American Jobs Act will help job creation by providing incentives to employers. These incentives include the following:

  • Cutting payroll taxes for small businesses
  • Eliminating payroll taxes associated with hiring new workers
  • Expanding loans from the Small Business Administration

In addition, there are additional elements that encourage businesses to hire, such as the $4,000 tax credit for hiring a worker who has been out of work for six months or more, and even larger credits for hiring veterans.

Other Legislation

Also in the works is legislation concerning Free Trade Agreements. In conjunction with these bills, some lawmakers are requiring provisions that would require additional assistance for Americans who lose their jobs because of outsourcing. A proponent of this idea is Debbie Stabenow of Michigan, who has also been in support of a Tier 5 for 99ers.

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The American Jobs Act – Details (Part 1)

The American Jobs Act — Details (Part 1)

Following his speech on the American Jobs Act earlier this month, President Obama has been visiting cities across the country in order to gain support for the proposed stimulus plan.

While you are likely already aware of the highlights of the plan, there are additional provisions that have not received much attention. These provisions are important to all Americans who are currently looking for work.

Prohibits Discrimination Against Unemployed Workers

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Thousands of out of work Americans have encountered job postings that only accept applications from workers who are “currently employed”.

One of the little talked about aspects of the American Jobs Acts is a provision that would prohibit this type of discrimination based on your employment status.

As proposed, the American Jobs Act would incorporate The Fair Employment Opportunity Act of 2011, which would prevent companies and employment agencies from discriminating against applicants on the basis of employment status.

Mortgage Refinancing

While interest rates on mortgages have fallen to approximately 4%, millions of Americans are unable to refinance their mortgages at these low rates. Banks and lenders have become much more strict as a result of the financial crisis, making it challenging to refinance an existing mortgage.

The American Jobs Act includes language that would help facilitate mortgage refinancing. The government estimates that a typical American family would be able to save approximately $2,000 per year on mortgage costs if they were able to refinance at the current rates.

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Unemployment Update 082611

Unemployment Update – August 26, 2011: The Debate Over Unemployment Extensions Continues

While major events such as Libya, earthquakes, hurricanes, and the stock market are dominating the news, the discussion of unemployment benefits has received less coverage recently. Nevertheless, unemployment continues to impact the lives of millions of Americans, and deserves attention.

Below are a few important updates regarding unemployement benefits.

Unemployment Compensation for Striking Workers

Workers who walk of the job are typically not eligible for unemployment benefits. Some states have made exceptions to this, however. As such, the new claims for unemployment benefits recently went up, as thousands of striking Verizon workers filed for unemployment benefits.

Congress Continues the Debate Over Unemployment Extensions

The debate in Congress over unemployment benefits retains the theme that has persisted over the last couple of years:

  • Democrats want to maintain unemployment extensions, or add additional extensions.
  • Republicans want to reduce extensions, or at least find a way to fund the extensions without adding to the national debt.

This debate will likely persist until new legislation is agreed upon.

Tier 5 Benefits?

Millions of “99ers” have exhausted their 99 weeks of unemployment insurance (note: in some states fewer weeks were available). Representatives Barbara Lee and Bobby Scott continue to fight for their proposed Tier 5 bill, H.R. 589 – The Emergency Unemployment Extension Act – which would add up to 14 weeks of additional benefits. They argue that unemployment benefits act as a stimulus to the economy, as Americans who receive benefits generally spend this money, therefore putting it back into the economy.

A New Jobs Program?

President Obama is expected to annouce a new jobs program after Labor Day. The details of this program are unknown, but analysts have suggested that it may entail infrastructure projects or job re-training.

What’s Next?

Congress is out for “recess” through the end of this month, with many politicians on vacation. They return to work in September, at which point debates will resume, and more details should emerge regarding new legislation and programs.

 

We will continue to keep you updated on these and other unemployment-related items, as information becomes available.

 

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Category: News, Unemployment, Unemployment Extension
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