President Barack Obama is scheduled to conduct a joint session of Congress to address his job and growth proposal. Tonight will be his sixth speech on the topic of job growth and rising unemployment since 2009.
Nationally, the unemployment rate is at 9.1 percent, and while this has been a relatively steady figure since April, there is more pressure to decrease this percentage to a more palatable level.
While the overall focus of Obama’s speech is clear, much interest is vested in what he and his administration aim to do in order to alleviate the stagnant job market. Potential topics that the President is likely to touch upon are initiatives that have been visited in past employment turmoil.
Continuing Payroll Tax-Cuts
By the end of this year, the existing social security tax-cut is expected to expire, but we may see a renewal of this tax-cut. A reduction of social security tax from 6.2 to 4.2 percent would open the door for an additional $1,000 per household.
Prolong Unemployment Benefits
Obama may opt to recommend an extension of unemployment benefits for an additional 99 weeks in order to provide those who qualify additional assistance as they continue their search for secure employment positions. In addition, talk is spreading about a job training program, which would encourage companies to hire from the program’s pool of workers and have them undergo a trial employment period.
Propose Infrastructure Spending
This proposal aims to support unemployed workers by providing them with paid labor opportunities, while also aiding repair efforts of roads, bridges and public schools.
Financial Relief for State and Local Government
The priority with relief efforts will be focused on teachers and the public’s first responders.
House Majority Leader, Eric Cantor, recognized the need for infrastructure spending and noted that revisiting existing unemployment benefits could prove beneficial. However, whether the GOP-dominated House is in agreement remains doubtful.
President Obama’s speech is scheduled to take place today, September 8th at 7:00 PM EST.
