President Barack Obama has signed into law a $17.6 billion jobs bill that is expected to help reduce the jobless rate because it encourages the private sector to start hiring again. Under the law, businesses do not have to pay the 6.2% payroll tax on new employees who had previously been out of work. In addition, those employers will get a $1,000 tax credit if those workers are employed a year later. There is still plenty of skepticism over whether the president's hopes will become reality, though. "Until the work picks up, there's not necessarily going to be a need to bring in new workers," said NFIB's Bill Rys.
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