By Kevin Grewal
In an attempt to ignite the labor markets, Congress passed a $17.6 billion measure and sent it over to President Obama to sign into law, paving the path of opportunity in some sectors.
With unemployment lingering around 9.7%, spring break right around the corner and Congressional elections looming at the end of the year, the clock was ticking and policymakers decided to agree on the Job Bill. This Job Bill is expected to exempt businesses from paying the 6.2% payroll tax on newly hired employees who have been jobless for at least 60 days and offers a $1,000 tax credit to businesses who keep the newly hired workers employed for at least a full year.
In addition, the bill provides an extra $19.5 billion, through subsidized state and local construction bonds, to shore up road and bridge construction and extend the federal highway program through the end of the year. This extra funding could potentially lead to an increase in domestic demand for raw materials, such as steel, industrials and transportation services related to getting these materials to desired destinations. Read More…
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