President Barack Obama presented his plan to get the economy working again by helping Americans who are unemployed and giving businesses incentives to hire again. The American Jobs Act, which comes with a $447 billion price tag, involves a fresh look at the tax code, reforming Medicare and reviewing all regulations.
As expected President Obama’s jobs speech was short and to the point – Americans need help finding work and Congress has to give it to them. In approximately 45 minutes, President Obama encouraged Americans to use their voice and tell the government that they want results, as he outlined how spending $447 billion would help give the economy in America a “jolt.”
The American Jobs Act focuses on putting Americans back to work through construction projects, a wider door to innovation, and a new emphasis on the importance of education.
To begin the speech, Obama cleared the bipartisan air saying, “There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that's been supported by both Democrats and Republicans -- including many who sit here tonight. And everything in this bill will be paid for. Everything.”
The purpose of the American Jobs Act is “simple” to Obama. The President says the legislation will “put more people back to work and more money in the pockets of those who are working,” by giving businesses incentive to hire unemployed workers; extend the pay roll tax cut; reevaluate the tax code; and get busy building again.
“It’s not just Democrats who have supported this kind of proposal,” President Obama said. “Fifty House Republicans have proposed the same payroll tax cut that’s in this plan. You should pass it right away.
“Pass this jobs bill, and we can put people to work rebuilding America. Everyone here knows that we have badly decaying roads and bridges all over this country. Our highways are clogged with traffic. Our skies are the most congested in the world.
This is inexcusable. Building a world-class transportation system is part of what made us an economic superpower. And now we’re going to sit back and watch China build newer airports and faster railroads? At a time when millions of unemployed construction workers could build them right here in America?”
Obama said the $447 billion price tag of the American Jobs Act will be paid for and not be added to the deficit.
“The agreement we passed in July will cut government spending by about $1 trillion over the next ten years. It also charges this Congress to come up with an additional $1.5 trillion in savings by Christmas. Tonight, I’m asking you to increase that amount so that it covers the full cost of the American Jobs Act. And a week from Monday, I’ll be releasing a more ambitious deficit plan – a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run.
“This approach is basically the one I’ve been advocating for months. In addition to the trillion dollars of spending cuts I’ve already signed into law, it’s a balanced plan that would reduce the deficit by making additional spending cuts; by making modest adjustments to health care programs like Medicare and Medicaid; and by reforming our tax code in a way that asks the wealthiest Americans and biggest corporations to pay their fair share. What’s more, the spending cuts wouldn’t happen so abruptly that they’d be a drag on our economy, or prevent us from helping small business and middle-class families get back on their feet right away.”
In a spirited finish, Obama said it was time to“get to work, and show the world once again why the United States of America remains the greatest nation on Earth.”
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