Obama's Jobs Plan

[sandy74]

So does anyone have any thoughts on Obama's new jobs plan (stimulus)? When I watched Obama give his speech last Thursday I was impressed with his speech and his passion on the subject of the state of the American economy but then again he is trying to get re-elected and someone else did write his speech for him. Obama can be a very eloquent and powerful speaker and I wanted to agree with him but there were so many details that were not known and you have to start thinking about all those little details and I still don't know if this is a good idea or not. Or does it really matter because if it does get passed it will probably be a watered down version of what was originally intended. Do we spend our way out if this and hope that this stimulus works this time or do we say no and tough it out?

Some Highlights of Obama's plan

Cutting the payroll tax in half for 98% of businesses: The president's plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98% of firms that have payroll below this threshold.

A complete payroll tax holiday for added workers or increased wages: The president's plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).

Extending 100% expensing into 2012: This continues an effective incentive for new investment.

Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.

A "Returning Heroes" tax credit for hiring veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.

Preventing up to 280,000 teacher layoffs, while keeping cops and firefighters on the job.

Modernizing at least 35,000 public schools across the country, supporting new science labs, Internet-ready classrooms and renovations at schools across the country, in rural and urban areas.

Immediate investments in infrastructure and a bipartisan National Infrastructure Bank, modernizing our roads, rail, airports and waterways while putting hundreds of thousands of workers back on the job.

An extension of unemployment insurance to prevent 5 million Americans looking for work from losing their benefits, the president's plan includes innovative work-based reforms to prevent layoffs and give states greater flexibility to use UI funds to best support job-seekers, including:

A new "Bridge to Work" program: The plan builds on and improves innovative state programs where those displaced take temporary, voluntary work or pursue on-the-job training.