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After 5 attempts to stimulate jobs and the economy, did we just need another government stimulus? An oldie but goodie

Welcome to VoteFacts.  According to Bill Clinton, when it comes to the Obama Administration and jobs growth, they "could have done better but... the Republicans blocked the president's job plan."

(View video in its entirety by dragging start button backward.  Quote begins at 22 minutes 28 seconds)

Is this true?  Could Democrats have done better with jobs if the Republicans had just allowed them to pass the president's job plan, beyond the five they had already passed in order to stimulate jobs and economy?  Let's focus on facts.  Here is a look at the 5 attempts by the federal government to stimulate jobs and the economy, according to our most trusted resources.

Congressional Research Service (CRS):

Congress passed several bills meant in part to promote and accelerate a recovery in the labor market from the Great (2007-2009) Recession.  The American Recovery and Reinvestment Act of 2009 (ARRA) was not the only job creation bill enacted into law in recent years.  CRS, Page 1

We thought you might want to look into some of these employment  and economy stimulating laws that were passed.  After all you paid for it.

First, let's talk  costs:  The American Recovery and Reinvestment Act (the ARRA) - The latest number according to Recovery.gov shows that since its passage in February of 2009, $771.2 billion has been paid out as of September 13, 2012.  According to the Congressional Budget Office, CBO now estimates that the total impact over the 2009–2019 period will amount to about $825 billion.  CBO, Page 1   

Unless you live on the great garbage float out in the middle of the Pacific Ocean, you knew at least some of that.  However, let's  take a gander at some of the lesser known but equally fascinating stimuli.  Deep breath, here we go:

The Travel Promotion Act

The Travel Promotion Act was passed on February 25, 2010, as Section 9 of H.R. 1299, “United States Capitol Police Administrative Technical Corrections Act of 2009” and signed into law on March 4, 2010.  The intent of the bill is to increase international travel to the United States by improving the image of the United States around the world, thereby creating jobs and stimulating economic growth.  tinet.ita.doc.gov

The Hiring Incentives to Restore Employment (HIRE) Act

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).   The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.  In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000.  IRS.gov

The Small Business Jobs Act

On Sept. 27, 2010, President Obama signed into law the Small Business Jobs Act, the most significant piece of small business legislation in over a decade. The new law is providing critical resources to help small businesses continue to drive economic recovery and create jobs. The new law extended the successful SBA enhanced loan provisions while offering billions more in lending support, tax cuts, and other opportunities for entrepreneurs and small business owners.  SBA.gov

Jumpstart Our Businesses Act (JOBS)

President Obama signed the Jumpstart Our Business Startups (JOBS) Act  into law April 2012.  The bipartisan act makes it easier for small companies to raise money from investors and allow them to go public more quickly.  SECCSPAN

Even with the multi-billion dollar American Recovery and Reinvestment Act (ARRA) and these other new laws prior to the JOBS Act to stimulate jobs and the economy, here is President Obama in 2011 as he discusses the need for another jobs bill in order to "...give this economy the jolt that it needs, and start building an America with a growing, thriving middle class."

















In September of 2012, Federal Reserve Chairman Ben Bernanke said, "the employment situation remains of grave concern...fewer than half of the 8 million jobs lost in the recession have been restored."















So, go ahead and cast your vote.  Agree or Disagree - One more jolt,  jobs bill, or stimulus will turn it all around and get those 4 million back to work?

We also gave you stimulus data to check out in a previous post so you could cast your vote on whether or not you think the stimulus was worth the cost.  Check it out and cast your vote if you haven't already.



For those of you out there who might be interested, opencongress.org allows you to see the amounts that certain lawmakers received from the special interests relating to the HIRE Act.  For this particular bill, Senator Harry Reid (D-NV) received the most at just over 2 million dollars.  OpenCongress



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