President Barack Obama’s address to N.C. State worked as a way for him to sell the American Jobs Act and to revamp his campaign for reelections next fall, according to political science professor Andrew Taylor.
The president focused his comments on job creation for the middle class, especially in the small business sector.
“So what this jobs bill does is it cuts taxes for small businesses that hire new employees,” President Obama said.
According to Michael Walden, William Neal Reynolds distinguished professor and extension economist, the president’s multipronged plan has short-term incentives for small businesses.
“There are many pieces to his plan,” Walden said. “If a small business creates a job, there will be a tax credit and a cut in the payroll tax of these businesses.”
Walden said the bill may provide short-term benefits but lacks the scope to resuscitate the economy.
“You can’t make a business hire,” Walden said. “And if a business doesn’t feel the economy is stable enough, they will hesitate to take that risk. Businesses always look ahead and once they are confident to see consumer spending increasing, then they have a way to increase jobs.”
Read the full story at the Technician.
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