BY-NC-SA President Obama announced on Tuesday he wants to give small business owners a tax break for new hires, equipment purchases, and to eliminate fees for loans made through the Small Business Administration. Businesses would go another year paying fewer taxes—a benefit already provided by the Recovery Act.
In his speech at the Brookings Institution he also mentioned expanding the American Recovery and Reinvestment Act programs. He also plans on spending $50 billion on roads, bridges, aviation, and water projects.
"Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood, and it speaks to an urgent need to accelerate job growth in the short term while laying a new foundation for lasting economic growth."
(via CNN Money)
Obama's speech failed to mention how much this new plan would cost but he did mention that the 2008 financial system bailout program will cost $200 billion less than expected. The president says this would give “us a chance a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street."
A jobs "bailout" is highly needed. Last moth it was reported that 11,000 jobs were lost and unemployment reached 10 percent compare to previous months 10.2 percent.
The Bureau of Labor Statistics breaks down unemployment rates in race, gender, and age:
Among the major worker groups, unemployment rates for adult men (10.5 percent), adult women (7.9 percent), teenagers (26.7 percent), whites (9.3 percent), blacks (15.6 percent), and Hispanics (12.7 percent) showed little change in November.
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