This week, President Obama sent a message to Congress with the American Jobs Act of 2011, a plan to tackle nationwide unemployment, increase the pace of job creation and get the economy moving. But with the rate of at least 235,000 Asian American and Pacific Islanders out of work for more than six months, what does the American Jobs Act mean for AAPI communities? For your information, the White House has released a fact sheet explaining some of the plan's measures and their impact.
Here's an excerpt:
Download the full fact sheet (PDF) here: The American Jobs Act: The Impact For Asian Americans and Pacific Islanders and the Economy.
The extension of unemployment insurance will benefit at least 300,000 AAPIs and their families. At the same time, the President is proposing bipartisan reforms that will enable that - as these families continue to receive UI benefits - the program is better tailored to support reemployment for the long-term unemployed.
Targeted support for the long-term unemployed could help at least 235,000 AAPIs who have been looking for work for more than six months: Certain segments of the American population have faced significant periods of unemployment - with at least 235,000 of unemployed AAPIs had been out of work for more than six months. To help them in their search for work, the President is calling for a new tax credit for hiring the long-term unemployed.
Support for subsidized jobs and summer/year-round jobs for Asian American youth - for whom unemployment is above 13.8%. In an environment with 13.8% unemployment among Asian American youth under the age of 25, the President is proposing to build on successful programs like the TANF Emergency Fund to create jobs and provide training for those hardest-hit by the recession. The program will include dedicated funds for outlying areas, including the Pacific Island areas.
An extension and expansion of the payroll tax cut for 7.6 million AAPI workers. 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 AAPI workers - providing them with more money to spend in their communities.
