If you are a big believer in better late than never, you are going to love the White House’s new jobs-creation bill it hopes will get through Congress lickety-split, rescue the desperate unemployment situation and save some seats come November’s mid-term elections. Is that asking too much of a bill?
Probably. But one $862 billion stimulus installment later, with the unemployment rate still hovering uncomfortably close to 10, that is pretty much what the administration is looking to do with a new round of $267 billion worth of economic jump-starting. A good chunk of that–about $33 billion– will be doled out in the form of $5,000 tax credits to employers, for every new hire they make. The White House is estimating that that program alone will lead to some 660,000 new jobs.
All of this check writing, comes on top of the Department of Transportation’s announced $150 billion worth of funding for new projects under a program it is calling TIGER, or Transportation Investment Generating Economic Recovery. That could also spur a round of new hires. The Roaring 10s, anyone?