Job creation is the new and improved goal of this legislation, and those struggling with debt should pay attention. Recently, President Obama has been touring the nation drumming up support for his new stimulus plan, although no one is actually calling it that. With the unemployment rate still at 10 percent, the president is now taking steps to help the economy recover quicker.
Not only is the president looking to pump more money into the economy to boost job creation in markets like infrastructure and small business, he is offering incentives and tax credits to those companies who start hiring. It’s great news for all of those struggling with debt and looking for a lifeline.
Of course, in any debate there are two sides. Many would hope that the president would take a more direct route that would truly aid failing economies like Michigan and Philadelphia. Michigan unemployment numbers stand at an amazing 15 percent right now, while Philadelphia stands at just over 11 percent. These are incredible numbers that many Americans fear will not change with more stimulus money.
Even when it seems like things might be turning around, when unemployment numbers showed a slight dip over the last month, American consumers are still extremely skeptical that things are turning around. We are still breaking records with bankruptcy filings, credit debt is still through the roof, and in many place the unemployment numbers are still extremely high.
President Obama and the Democrats plan to unveil two bills in the upcoming weeks to help stimulate the economy, help those struggling with debt, and help those who are still having trouble finding work.
The first would top $100 billion and would extend unemployment insurance, temporary food-stamp payment increases and subsidies for health-care purchases by the unemployed. That would likely be attached to a spending bill in coming weeks. The second, a jobs bill estimated at about $70 billion, would contain many of Mr. Obama's initiatives and likely wouldn't reach his desk until early next year. (Wall Street Journal)
There are many hurdles to overcome in trying to convince congress to approve of these two measures, but the president is touring the nation to assure struggling Americans that this is the way to get jobs moving again. He seems to believe that with this stimulus boost, the slowly recovering job market will get a much needed boost and will recovery much quicker.
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