During his Jobs Speech, the U.S. President, Barrack Obama has challenged the national depression facing the U.S. economy with a proposal of $447 billion to be injected into the economy to support jobs and improve growth, where this jobs plan aims to provide more jobs and to reduce layoffs.
Obama called on U.S. lawmakers to move right away and grant this plan, which is expected to mainly to improve spending on infrastructure, reduce the number of educators' layoffs and cut taxes paid by small businesses and workers.
In his speech, Obama called lawmakers to stop acting politically, as the President said the question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy.
The president proposal came after the economy added none jobs last month, which forced unemployment rate to climb above 9.0%.
The Fed's Chairman, Bernanke said before the President Speech that policy markets are to discuss the different tools they have during the next meeting in order to promote a stronger economic recovery in the context of price stability. The chairman said nothing about another round of quantitative easing or further monetary policy easing, however the appropriate tools would be used if need.
Obama suggested granting states authority to pay unemployment benefits to those who have been out of work for more than six months; the proposal also included an additional tax credits for hiring veterans and workers who have been unemployed more than six months.