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Economists: Obama's $447 Billion Jobs Plan Could Help Avoid Recession
By
Jen Chung
Published Sep 28, 2011
Modified Sep 28, 2011
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White House
By
Jen Chung
Published Sep 28, 2011
Modified Sep 28, 2011
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President Obama is trying to drum up support for the American Jobs Act, his $447 billion plan to "put more people back to work and put more money in the pockets of working Americans." While there don't seem to be enough votes in the Senate to pass it, maybe this will change some politicians' minds: Bloomberg News asked economists about the plan and it turns out they think the program "would help avoid a return to recession by maintaining growth and pushing down the unemployment rate next year."
Bloomberg News adds, "The legislation, submitted to Congress this month, would increase gross domestic product by 0.6 percent next year and add or keep 275,000 workers on payrolls, the median estimates in the survey of 34 economists showed. The program would also lower the jobless rate by 0.2 percentage point in 2012, economists said." One economist says, "It leads to more retention of workers than net new hires," but another points out, "The important thing to consider is: What happens if we don’t do anything?" because not doing anything could lead to a recession.
The Reverend Al Sharpton is planning a march in Washington D.C. next month to draw attention to the nation's unemployed and to support the American Jobs Act. Sharpton explained, "We will bring forth the masses who have not been heard in the midst of the jobs debate. As the president fights for a jobs act, as supercommittees meet, they need to hear marching feet. This is to send a message to Congress."
Obama was in Colorado to discuss the bill. He also poked at his opponents, "If asking a millionaire to pay the same tax rate as a plumber or a teacher makes me a class warrior, a warrior for the middle class, I will accept that; I’ll wear that as a badge of honor. Because the only class warfare I’ve seen is the battle that’s been waged against the middle class in this country for a decade now."
Tagged
al sharpton
american jobs act
economy
jobs bill
president obama
recession
reverend al sharpton
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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