Obama signs Jobs bill

Posted on March 21, 2010
Filed Under Economy |

All I can say is it’s about time!

“On Thursday afternoon, President Barack Obama signed the $17.6 billion jobs stimulus bill passed by the Senate the day before. Officially known as the Hiring Incentives to Restore Employment (HIRE) Act, the bill is meant to encourage private sector hiring, in part, through a series of tax incentives.

“Since the recession began, the U.S. Department of Labor estimates that employers have shed 8.4 million jobs. Though the job loss rate has slowed in recent months, creating jobs still remains a puzzle for lawmakers, who foresee this bill as a first step in dealing with the nation’s 9.7% unemployment rate.” http://www.examiner.com/

“On Thursday the Labor Department reported new claims for unemployment insurance benefits dipped only marginally last week, with 457,000 Americans beginning to ask the government for help.” http://hotpoliticians.com/president-obama-signs-multi-billion-dollar-jobs-bill-into-law/

“The centerpiece is a new program giving companies a break from paying Social Security taxes for the remainder of 2010 on any new workers they hire who had been unemployed for at least 60 days. Employers would also get a $1,000 tax credit for each of those workers who stays on the payroll for at least one year. The measure includes a one-year extension of the law governing federal transportation funding and would transfer $20 billion into the highway trust fund.” http://www.washingtonpost.com/

Clayton

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