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 remain on the payroll a year later.

Related Summaries