A Break for Americans? Obama’s New Bill

A Break For Americans? Obama’s New Bill For Unemployment Extension Benefits, First Time Homebuyers and Small Businesses.

Less than two weeks ago a bill was passed that will have significant impact on the immediate conditions on American workers and small business owners, as well as those intending to purchase a home for the first time.

On November 6, the benefits law that extends unemployment by fourteen weeks for most states is now in full effect and those whose benefits just ended and those who were just laid off, can now sign up for the extension. This is good news for many Americans. It at least buys a little more time to find the available job that fit’s a person’s needs. Apparently, when Obama did notice that the national unemployment rate had climbed over 10.2%, he decided something has to be done. This means that 15.7 million or so, are unemployed, which is the highest count in this country since 1983. The recession has seen around 8 million or so folks, out of work in the last two years. November figures have yet been released, as the month is not over yet. Congress passed the bill with the majority in favor of doing so, especially in light of the fact that about one third of unemployed Americans have been out of work past their unemployment ending date.

He also signed into effect that same day, a significant tax credit in the amount of 8,000 dollars to first time home-buyers. Many people have already taken advantage of this new credit and it shows in the current data. The Home Owners Association Vice President Ron Phillips states that, “The data on the present home buyer tax credit show that the credit has had its intended impact — sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably.” This just might make a tangible difference in stabilizing the economy.

The Small Business Emergency Rescue Plan will give tax credits to small businesses and extend opportunities for women and minorities to become entrepeneurs. The Small Business Administration’s Disaster Loan Program will guarantee reasonable small business loans for businesses, for operation costs that otherwise would not be able to secure them. He also wants to add tax incentives for small business that foster job creation.

It will be fascinating to see how much, these brand new propositions coming out of the Obama administration have on the overall state of the economy. It might also be interesting to note if any of these new bills have an effect on sales figures this Christmas.