#President Barrack Obama#America economy#American Jobs Act#Social Security#economic growth

Obama's $450 billion plan to get America back to work

|Sep 9|magazine4 min read

 

In Thursday night’s speech to Congress, President Barack Obama outlined a $450 billion plan regarding tax cuts, tax credits, infrastructure investments and other measures to urge lawmakers to get Americans back to work. Now Obama is facing Republicans and the uphill battle to get the country back on the straightaway. The president repeatedly mentioned that his plan should be passed “right away” saying that there should be “nothing controversial” about the American Jobs Act.

Obama also said that all of the proposals are paid for with spending cuts and will not be able to offer details until next week. “Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans – including many who sit here tonight," he said. “The purpose of the American Jobs Act is simple: to put more people back to work and more money in the pockets of those who are creation.”

 

House Speaker John Boehner also gave merit to Obama’s speech and says. “We hope he gives serious consideration to our ideas as well. It’s my home that we can work together to end the uncertainty facing families and small businesses and create a better environment for long-term economic growth and private-sector job creation.”

The biggest part of his plan calls for increasing and extending a cut in the payroll tax from workers that goes to Social Security while also offering a tax cut to employers. For workers, the tax cut has been cut from 6.2 percent to 4.2 percent and would fall to 3.1 percent under Obama’s plan, making for a $175 billion cost.