July Unemployment and The Recovery Act

Today, President Obama talks about the stats released by the Bureau of Labor on unemployment. The unemployment figures show that the worst maybe behind us. Although we lost 274,000 jobs in July, that is 2000 jobs less than the month previous. And a huge improvement than the jobs loss since the beginning of the year, when the job lost numbers were hitting 700,000. That is why the President believes we are pointed in the right direction.

Recovery efforts and a lower number of jobs lost is a good sign that we are headed for recovery of the U.S. economy. However, there has been a lot of miss represented information about the Recovery Act. President Obama clears up with the Recovery Act is and what it is not.

Recovery Act

The Recovery Act is divided into three parts. 1/3 of funds allocated in the Recovery Act is for tax relief. Tax relief funds allocated in the Recovery Act are for families and small businesses. Part 2 is another 1/3 allocated for emergency relief. Emergency relief allocated in the Recovery Act are for those people who have suffered in this current recession. That includes Americans who find themselves unemployed at the moment. Unemployment benefits have been extended thanks to the Recovery Act. This extension includes benefits to over 12 million people who are currently unemployed. The funds allocated in the emergency relief part of the Recovery Act also includes help with the health care crises. Part 3 is the final 1/3 of funds that is allocated for investments into the U.S. infrastructure.

July Unemployment and the Recovery Act

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