Obama's Jobs Plan in 90 Seconds

Uploaded by MainStreetInsider on 02.10.2011

>>Narrator: This legislative summary is provided to you by Main Street Insider.
This week we examine the President’s American Jobs Act.
>>Zakaria: Almost half of America’s unemployed have been out of work for six months or longer.
They are in danger of becoming a lost generation.
>>Narrator: In response to the unemployment crisis, President Barack Obama laid out the American Jobs Act
In a speech to a joint session of Congress.
Specifically, the American Jobs Act would: cut taxes on employee payroll, business investments,
And hiring credits for individuals and businesses totaling $253 billion.
Dedicate $140 billion for infrastructure and investment spending on a wide variety of projects,
Including the creation of a National Infrastructure Bank.
And invests $54 billion to assist the unemployed through an extension of unemployment compensation,
Reform of unemployment insurance, the creation of a pathways back to work fund,
And prohibition of discrimination against unemployed in hiring decisions.
Republicans say this equates to another stimulus and don’t believe it will create jobs.
>>Stossel: Government cannot create real jobs, sustainable jobs. Private companies do that,
And they do more of it if government just leaves them alone.
>>Narrator: Supporters of the bill argue that in such difficult times, it is not enough for the government to do nothing.
>>President Obama: This larger notion that the only thing we can do to restore prosperity is just dismantle government,
Refund everybody’s money, and let everyone write their own rules, and tell everyone they’re on their own,
That’s not who we are. That’s not the story of America.
>>Narrator: The American Jobs Act bypassed committees entirely upon introduction and will likely be brought to the senate floor within the next couple of weeks,
But it is unlikely to reach the 60-vote threshold on a motion to proceed to debate.
Tune in next Monday for another episode of 90 Second Summaries from