Tuesday, 13 September 2011

Jobs Growth Since Obama Inauguration

Blog stats data tells me that a number of people are finding this site through a search for "Jobs Growth Since Obama Inauguration". That's a good thing to be searching for (both Google-wise and, you know, as a thing to want...)! Let me make that just a little bit easier for you - here's a chart that shows US jobs gained or lost through July this year:

A few points to note:
  • This chart is missing a month of data - in August, the Economy gained zero jobs as a whole. To be more exact: Number of private sector jobs gained in August, 17,000. Number of public sector jobs lost in August: 17,00.
  • Even if the public sector had not shed those jobs - the private job growth would not be enough to keep up with the increase in population, let alone recover from the jobs lost during the recession.
  • It is in this background that President Obama has called on Congress to urgently pass the American Jobs Act. Sitting around and waiting isn't going to create those jobs. Here's a few things that will: 
    • Cutting the payroll tax cut in half for 98 percent 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 percent 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).
    • A “Returning Heroes” hiring tax credit for 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.
    • A New “Project Rebuild”, which will put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations.
    • Expanding access to high-speed wireless as part of a plan for freeing up the nation’s spectrum.
    • A $4,000 tax credit to employers for hiring long-term unemployed workers.
    • Prohibiting employers from discriminating against unemployed workers when hiring.
    • Expanding job opportunities for low-income youth and adults through a fund for successful approaches for subsidized employment, innovative training programs and summer/year-round jobs for youth.
    • Cutting payroll taxes in half for 160 million workers next year: The President’s plan will expand the payroll tax cut passed last year to cut workers payroll taxes in half in 2012 – providing a $1,500 tax cut to the typical American family, without negatively impacting the Social Security Trust Fund.
    • Allowing more Americans to refinance their mortgages at today’s near 4 percent interest rates, which can put more than $2,000 a year in a family’s pocket.Moody's Chief Economist Mark Zandy says that the American Jobs Act will create about 1.9 Million jobs and 2% growth for the economy.
The White House has published loads of helpful information about how the American Jobs Act will work. For instance:
  • Here you can find out what impact it would have in each state, if passed.
  • Here you can find a list of Twitter office hours, when administration officials will take your questions about the proposals. (Today, David Plouffe! Tomorrow, Stephanie Cutter!)
  • Here are responses to the Jobs Act from state and local officials.
The American Jobs Act uses a mix of ideas that have been supported by both parties over the years, and which economists think would be effective. Congress should pass it now.

And the President told them so.