Thursday, March 18, 2010

Obama: Jobs Bill To Help Small-Business Owners

President Obama says small-business owners especially will benefit from a jobs bill awaiting his signature. Obama was signing the bill Thursday at the White House, and said he hopes the bill, which includes about $18 billion in tax breaks and pumps $20 billion into highway and transit programs, will be the first in a series of jobs packages crafted to put millions of unemployed Americans back to work.

But there is ample skepticism about how much hiring the bill will foster. Some estimates are that the tax breaks could generate 250,000 jobs through the end of the year - a fraction of the more than 8 million jobs shed during the recession.

Small businesses in particular will supposedly benefit from provisions in the bill. Businesses that hire anyone who has been without a job for at least 60 days would be exempt from paying the 6.2 percent Social Security payroll tax through December. Employers also would get an additional $1,000 credit if new workers remain on the job a full year.

In a show of bipartisanship toward the election-year goal of job creation, the Senate passed the bill Wednesday with 11 Republicans among the 68 senators who voted to send it to the president.

AP; FOX News.


Anonymous said...

This makes how many jobs bills now?
None of them will ever work.

360 Degrees said...

....because none of the money ever has or ever will go for what it was supposedly intended for. Like many other Dem bills signed by Obama, it is loaded with pork for them to continue to buy votes and throw more money down a hole.