With nationwide unemployment where it is today—and too many Asian American and Pacific Islanders (AAPIs) out of work—President Obama believes that it's time for Congress to act and pass his American Jobs Act. President Obama's plan will immediately put Americans back to work and put more money in the pockets of working families.
The American people live up to their responsibilities each and every day, and they expect their leaders in Washington to live up to theirs. And that's why President Obama is committed to fighting for Congress to pass the bill.
What the American Jobs Act Will Do
- Help Asian American and Pacific Islander families keep more of what they earn: By extending the payroll tax cut for employees next year and expanding it to cut payroll taxes in half, the President's plan will help increase the paychecks of an estimated 7.6 million AA PI workers.
- Extend unemployment insurance to help families get back on their feet: The President's proposal will benefit at least 300,000 AA PIs and their families. The President is also proposing bipartisan reforms that will ensure that at the same time families receive unemployment insurance, the program will be better tailored to help the long-term unemployed find work.
- Offer incentives to businesses to hire AAPIs who have been out of work for more than six months: To help the long-term unemployed in their search for work, the President is calling for a new tax credit for businesses that hire them. The policy could help at least 235,000 AA PIs who have been looking for work for more than six months.
- Support subsidized jobs and summer/year-round jobs for Asian American young people: In an environment with 13.8 percent unemployment among Asian Americans under the age of 25, the President is proposing we build on successful programs like the TA NF Emergency Fund to create jobs and provide training for those hit hardest by the recession. The program will include dedicated funds for outlying areas, including the Pacific Island areas.
Like all of the measures in the American Jobs Act, these initiatives will be fully paid for as part of the President's long-term deficit reduction plan. The President has a detailed deficit reduction plan that will pay for every penny of the American Jobs Act.