Companies that hire unemployed workers will get a temporary payroll tax holiday under a bill that easily won final congressional approval Wednesday.
The bipartisan 68-29 vote in the Senate sends the legislation to the White House, where President Barack Obama has promised to sign it into law.
It will be the first of several election-year jobs bills promised by Democrats to be enacted into law, though there's plenty of skepticism that the measure will do much to actually create jobs. Optimistic estimates predict the tax break could generate perhaps 250,000 jobs through the end of the year, but that would be just a tiny fraction of the 8.4 million jobs lost since the start of the recession.
The measure is part of a campaign by Democrats to show that they are addressing the nation's unemployment problem...
Here we go again. More political running in place to "do something" about the weak job market. Congress sure has passed many laws to move the economy into a positive place with little, if not weak, results. But here we are again with half measures and soap box speeches. That's OK, it's not like they're spending their money anyway. And besides, the farce of "pay-go" was once again obliterated by reality. Liberal economists are hoping that a cyclical recovery and low interest rates by the Fed move the economy along--we can already see plenty of postive indicators--so that soon to be laws like the "Jobs" bill, will look like it was just the right thing to do. Sorry, but any recovery will not be due to a "Jobs law" or a massive pork program like the "stimulus." It will be due to the business cycle and the private economy. So for those that voted for this bill and the stimulus, thanks for nothing.