Economists from both sides of the political aisle generally agree that the American Jobs Act is the insurance America needs against a “double-dip” recession.
Why should Minnesota and its people concur? Our state has been losing schools and teachers, unemployment has induced record high levels of poverty, and property taxes have everyone screaming for tax relief.
The White House is hearing cries for solutions and our leaders have finally given them one. Minnesota is especially set to benefit from the plan.
In Minnesota, 120,000 firms will receive a 3.1 percent reduction in the payroll taxes for employers on the first $5 million in wages, which would benefit 98 percent of firms. The workers’ payroll tax will also be cut in half next year, which will put $1,740 back into the pockets of the Minnesotans whose household income is the state median of around $56,000.
The largest reform is that of the unemployment insurance system and is targeted at the 71,000 long-term unemployed workers of Minnesota. The Pathways Back to Work Fund will re-train adults and youth by teaching them in-demand skills. An immediate injection of $600 million will go to investment in highways, transit, railways and airports that will support at least 8,000 local jobs.
Another $500 million is targeted to support 6,900 educator and first responder jobs in Minnesota. Minnesota school infrastructure would get $275 million and another $90 million would find its way into the MnSCU system to modernize its facilities.
Inform yourselves of our dire state and inform your representatives about your knowledge. Tell them that the American Jobs Act will be good for Minnesota.
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