A Break for Americans? Obama's New Bill for Unemployment Extension Benefits, Homeownership and Small Businesses
On November 6, the benefits law that extends unemployment by fourteen weeks for most states is now in full effect and those whose benefits just ended and those who were just laid off, can now sign up for the extension. This is good news for many Americans. It at least buys a little more time to find the available job that fit's a person's needs. Apparently, when Obama did notice that the national unemployment rate according to the Dept of Labor statistics had climbed over 10.2%, he decided something had to be done. This means that 15.7 million or so, are unemployed, which is the highest count in this country since 1983. The recession has seen around 8 million or so folks, out of work in the last two years. November figures have not yet been released, as the month is not over yet. Congress passed the bill with the majority in favor of doing so, especially in light of the fact that about one third of unemployed Americans have been out of work past their specified unemployment ending date.
He also signed into effect that same day, a significant tax credit in the amount of 8,000 dollars to first time homebuyers. Many people have already taken advantage of this new credit and it shows in the current data. The Home Owners Association Vice President Ron Phillips states that, "The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably." These figures according to the general consensus seem to have a stabilizing effect in the economy.
The Small Business Emergency Rescue Plan will give tax credits to small businesses and extend opportunities for women and minorities to become entrepeneurs. The Small Business Administration's Disaster Loan Program will guarantee reasonable small business loans for businesses, for operation costs that otherwise would not be able to secure them. He also wants to add tax incentives for small business that foster job creation.
It will be fascinating to see how much these brand new propositions coming out of the Obama administration have on the overall state of the economy. It might also be interesting to note if any of these new bills have an effect on sales figures this Christmas.
Tami Luhby Obama Signs Jobless Benefit Extension Cable News Network
Employment Situation Summary United States Dept of Labor
Neil Irwin, Dina ElBoghadady, Perry Bacon, Jr. House Votes To Extend Jobless Benefits, Expand Home Buyer's Tax Credit The Washington Post
Published by Lauren Todd
About me. Recent graduate of Chapman University. I am involved in various progressive organizations, to include The Zeitgeist Movement and The Boston Tea Party. My articles have also been published at Triond... View profile
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2 Comments
Post a Commentyeah, want the truth, I wrote this article to appeal to the general public, sorry, I have no choice but to lower standards,write stuff I don't agree with 100%, did not get upfront payment anyway, truth is are government is so corrupt, the bailouts are like welfare for the rich, it really makes me sick. I might leave the country someday when I can afford to do so. I am not proud of America, I feel like I am part of the Bully Country of the world. Please check out my article on The Venus Project, these guys are proposing would you believe (gasp!) an alternative to the entire monetary system. :)
"Less than two weeks ago a bill was passed that will have significant impact on the immediate conditions on American workers..."
The bill will hardly have an impact on the immediate conditions. For most who have already exhausted their benefits, not a single penny will be forthcoming much sooner than a week before Christmas.
The bill should have been passed before the August recess. The Senate did aggravate the situation, but the bill was already long overdue when it was originally passed by the House.