Will Senate’s jobs bill stimulate hiring?
TEXT OF STORY
Bill Radke: Sixty-eight senators, including a handful of Republicans, voted to approve an $18 billion bill full of enticements for businesses to create new jobs. President Obama says he will sign it. From Washington, Marketplace’s John Dimsdale says the question now is will these tax breaks employ more people?
John Dimsdale: The bill would lower the cost of hiring new workers, but the incentive only covers those who’ve been unemployed for sixty days or more. How does it work? Employers won’t have to pay the usual six percent Social Security tax for that new worker this year. Critics say the tax break will go for jobs that businesses will create anyway.
And New Hampshire Republican Judd Gregg points out the bill adds to the deficit.
JUDD GREGG: When are we gonna stop spending money around here as if there’s no tomorrow. Because pretty soon there will be no tomorrow for our children as we add this debt to their backs.
Democrats, though, like New York’s Charles Schumer, appealed to the GOP’s traditional support for business.
CHARLES SCHUMER: My Republican colleagues are opposing a tax cut to business, large and small, that hires people.
The bill also includes $20 billion to keep highway repair workers employed across the country.
In Washington, I’m John Dimsdale for Marketplace.
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