“The purpose of the American Jobs Act is simple: to put more people back to work and more money in the pockets of those who are working.”
—President Barack Obama, September 8, 2011
In a time when some workers are living week to week, paycheck to paycheck or day to day, President Obama claims he can help our ailing economy by: introducing new tax cuts to help small businesses hire and grow; putting workers back on the job while rebuilding and modernizing America; creating pathways back to work for the unemployed.
Here is what President Obama says his American Jobs Act will do, if it is passed in its current form:
- Lead to new jobs for construction workers, teachers, veterans, first responders, young people and the long-term unemployed.
- Provide a tax break for companies who hire new workers or raise workers’ wages.
- Cut payroll taxes in half for every working American and every small business.
- Repair and modernize at least 35,000 schools.
- Give companies extra tax credits if they hire veterans.
- Give companies a $4,000 tax credit if they hire anyone who has spent more than six months looking for a job.
- Extend unemployment insurance for another year.
- Jolt our stalled economy and give companies the confidence that if they invest and hire, there will be customers for their products and services.
Follow this link to read the full text of the American Jobs Act.
Follow this link to read the short fact sheet for the American Jobs Act.
Follow this link to watch President Obama’s American Jobs Act speech on September 8, 2011.
What will the American Jobs Act mean for your business? That depends upon whom you ask. Here are two differing perspectives:
“The dismal state of the economy is the main reason many companies are reluctant to hire workers, and few executives are saying that President Obama’s jobs plan – while welcome – will change their minds any time soon…The plan failed to generate any optimism on Wall Street as the Standard & Poor’s 500-stock index and the Dow Jones industrial average each fell about 2.7 percent.”
“Today, we’ve seen reports from economic analysts and statements from CEOs. All of their statements underscore the same message: the American Jobs Act will create jobs and is good for the American people. It will grow the economy, help middle class families and strengthen communities across the nation.”
As you can see, opinions about the potential effectiveness of the American Jobs Act vary greatly. The fact is, Middle Tennessee employers won’t know for sure how it will impact business until Congress passes it (and there’s a chance it may not even pass).
In the meantime, Wood Personnel continues to help drive the local recovery. We deliver customized staffing solutions to help Middle Tennessee employers achieve sustained business success in a volatile economy. What can we do for you? Contact Wood Personnel today.