Obama works on jobs package
President Barack Obama is finalizing a jobs package that could include a program to refurbish school buildings nationwide and tax breaks to encourage firms to hire workers, Reuters reported.
The package, to be unveiled in early September, is Obama’s chance to convince skeptical voters he can bring down the 9.1 percent unemployment rate and steer the United States away from another recession, ahead of next year’s election.
Critics say the president has few jobs-boosting options and will have a hard time getting Republicans to accept any new spending plan.
Economists and advisers familiar with his strategy say Obama will argue next month that the financial crisis was worse than anyone thought at the time and say more stimulus is needed to make any real dent in the unemployment rate.
Obama is expected to repeat calls for an extension of a payroll tax cut, push for patent reform and bilateral free trade deals and suggest an infrastructure bank to upgrade the country’s roads, airports and other facilities. Retrofitting schools with energy-efficient technology would allow the government to directly hire for labor-intensive projects and also give a boost to the clean energy sector that Obama has cited as a potential economic motor.
Other measures being considered include tax credits for firms hiring more workers and funds for local governments to hire teachers.