The American Jobs Act

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Here's a video of President Obama's speech to a joint session of Congress where he introduces his American Jobs Act.

To create more jobs now, the President is sending Congress the American Jobs Act – a set of ideas supported by both Democrats and Republicans that Congress must pass right away. The purpose of the American Jobs Act is simple: put more people back to work and put more money in the pockets of working Americans. Here’s how:

First, it provides a tax cut for small businesses, not big corporations, to help them hire and expand now, and provides an additional tax cut to any business that hires or increases wages.

Second, it puts more people back to work, including up to 280,000 teachers laid off by state-budget cuts, first responders and veterans coming back from Iraq and Afghanistan, and construction workers repairing crumbling bridges, roads and more than 35,000 public schools, with projects chosen by need and impact, not earmarks and politics. And, it expands job opportunities for hundreds of thousands of low-income youth and adults through a new Pathways Back to Work Fund that supports summer and year round jobs for youth; innovative new job training programs to connect low-income workers to jobs quickly; and successful programs to encourage employers to bring on disadvantaged workers.

Third, it helps out-of-work Americans by extending unemployment benefits to help them support their families while looking for work and reforming the system with training programs that build real skills, connect to real jobs and help the long-term unemployed. It bans employers from discriminating against the unemployed when hiring, and provides a new tax credit to employers hiring workers who have been out of a job for over 6 months.

Fourth, it puts more money in the pockets of working and middle class Americans by cutting in half the payroll tax that comes out of every worker's paycheck, saving families an average of $1,500 a year’ and taking executive action to remove the barriers that exist in the current federal refinancing program (HARP) to help more Americans refinance their mortgages at historically low rates, save money and stay in their homes.

Last, the plan won’t add a dime to the deficit and is fully paid for through a balanced deficit reduction plan that includes closing corporate tax loopholes and asking the wealthiest Americans to pay their fair share.

I listened to the speech and found it inspiring and informative. It is a realistic plan containing elements that have been successful in the past, items that have been politically acceptable to all sides in the past, and ideas that give us something to work toward instead of bicker over. I believe this can succeed.

I believe it can succeed in the sense that many people can be put to work under the auspices of this act. This isn't the single package that will solve everything wrong with our economy, though that criticism will certainly be used as a fig leaf for not supporting it. Indeed I heard several "prebuttals" this week outlining why it (whatever "it" the President presents) won't work. I'm certain that it will face opposition and equally certain that opposition can, should and will be overcome. Doing something positive is how we'll improve our situation, and this act has lots of positive things to do.