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Ear to the Ground

Senate Passes Jobs Bill

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Posted on Mar 17, 2010
Flickr / edEx

A better job market could be on the way for Americans looking for work if the job-creation bill passed by the Senate on Wednesday gets President Barack Obama’s approval, and if the legislation actually inspires employers to do some hiring.  —KA

Los Angeles Times:

The bill would grant employers an exemption from their 6.2% Social Security payroll contribution for every new employee hired through the rest of the year, as long as that employee had been out of work for at least 60 days. An additional $1,000 income tax credit would be allowed for every new employee kept on the payroll for 52 weeks.

Experts are split as to whether the payroll tax holiday will boost hiring.

The measure also would make it easier for businesses to write off equipment purchases and would pump billions into federal highway and mass-transit funding programs, which Democrats hope will jump-start construction projects.

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By Advertising Jobs, December 7, 2010 at 3:50 am Link to this comment

This has been a positive move, but one I suspect will not improve the overall long term economy. Temporary solutions are just that, temporary. In order for sustained employment we must consider the whole of market and the debt that the majority of Americans are carrying. There is evidence that the US economy will not turn the corner for at least another two generations as the damage is to great and unless debt is erased it will remain the burden for middle class America.

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By Julia Baker, November 25, 2010 at 2:07 am Link to this comment
(Unregistered commenter)

This is a positive, though short term fix for the unemployed. I must congratulate the US government for the continued attempt to bring much a needed improvement to the overall US economy.

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By Miko, March 18, 2010 at 9:39 am Link to this comment
(Unregistered commenter)

I don’t expect this to boost jobs.  A permanent cut
in payroll taxes would definitely lead to a
combination of more jobs and higher paying jobs
(probably more the latter than the former), but a
temporary cut is less likely to do so, unless the
employer is planning on firing the new employees (or
cut their pay) one year later.

On the other hand, writing off equipment purchases
(which, amortized over the lifetime of the equipment
can be viewed as a permanent deduction rather than
the temporary one for payroll taxes) will lead to
replacing low-skilled workers with machines (think
automated checkout at the supermarket).

Overall, I suspect that this policy will destroy more
jobs than it creates.  But that’s okay, because
Obama’s corporate donors will get even richer in the
process.

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