The Final State of the Union
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Summary:
President Obama signs the HIRE Act to encourage job creation.
This morning, President Obama signed into effect the HIRE Act, a jobs bill that provides small businesses with incentives to spur hiring and help put Americans back to work. Saying that "while this jobs bill is absolutely necessary, it’s by no means enough," the President pledged that this was just one step amongst many. The bill is The HIRE Act will:
- Provide tax cuts for businesses that hire someone who has been out of work for at least 2 months
- Help businesses to invest in their future by permitting them to write off investments in equipment this year
- Encourage job creation by expanding investments in schools and clean energy projects
- Maintain investments in roads and bridges
Before signing the bill, the President said:
A consensus is forming that, partly because of the necessary - and often unpopular - measures we took over the past year, our economy is now growing again and we may soon be adding jobs instead of losing them. The jobs bill I’m signing today is intended to help accelerate that process.
I’m signing it mindful that, as I’ve said before, the solution to our economic problems will not come from government alone. Government can’t create all the jobs we need or can it repair all the damage that’s been done by this recession.
But what we can do is promote a strong, dynamic private sector -- the true engine of job creation in our economy. We can help to provide an impetus for America’s businesses to start hiring again. We can nurture the conditions that allow companies to succeed and to grow.
President Barack Obama and Members of Congress applaud after the signing of the HIRE Act in the Rose Garden of the White House, March 18, 2010. (Official White House Photo by Chuck Kennedy)
