The demonstrations for more work and jobs have gone down the drain. The US senate has rejected the Jobs Bill as has been proposed by president Obama. This may worsen the debt situation all the more as majority of the people are without jobs. This is going to further make it tough for the people to remain debt free and thus as a result of this the debt amount will be on the rise yet again. This Jobs Bill dismissal thus comes as a great disappointment for the people without any job.
The Jobs Bill and debt
According to the recent reports, more than even 6 million of the Americans are going to lose their federal unemployment benefits in the year 2012. In fact, 1.8 million are going to run out of the benefits in the month of January alone. This report and figures have been listed by the National Employment Law Project.
The Jobs Bill proposed by president Obama would have extended this time limit by another year. But, unfortunately the Jobs Bill has been rejected by the Senate. The Senate had voted 50-49 in the favor of the Jobs Bill late on Tuesday. However, the bill failed to receive the required 60 votes which were actually needed in order to advance the president’s $447 billion plan.
This dismissal though not actually unexpected is still supposed to come as one of the grave disappointments of the year. This is true not only for the millions of the unemployed Americans who had wanted the Congress to work on the job market but also for the whole country. While most of the Washington observers are of the opinion that the administration’s jobs bill is already dead into the water, there can still be a possibility that the unemployment extension may even be separated and then sent along on its own, or can be included as a part of a different bill before the year ends. This kind of extension is also estimated to cost around $44 billion. These numbers have been suggested by the Congressional Budget Office.
The bill that the Republicans rejected is not actually a panacea, but the independent economists are of the opinion that this is going to have a significant effect on current economic stagnation. Again, according to the Macroeconomic Advisers; forecasts by who are used especially by the Federal Reserve; have said that it can also result in a rise in the economic growth by 1.25%. This may again result in the creation of 1.3 million jobs in the year 2012.
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