Obama’s new jobs plan: Will it reduce unemployment?

President Obama has unveiled his latest jobs proposal. Included in it are these seven things he hopes to provide for the unemployed.

  1. Universal Displaced Worker Program. The president’s new budget proposal included plans for a program designed to provide displaced workers (those who lost their job when their employers closed or eliminated their positions, or didn’t have enough business to keep them employed) with skills, counseling and job search assistance services. The White House estimates up to a million workers a year would be eligible for help under the program.
  2. Up to $4,000 in training awards. Under the Universal Displaced Worker Program, displaced workers would be eligible for training awards of up to $4,000 per year for up to two years.
  3. Up to $300 in weekly stipends. For workers who are receiving job training, the program would provide weekly stipends for child care, transportation and other expenses worth between $150 and $300 for low-income workers. They’d be available for up to 78 weeks and could be received in addition to 26 weeks of unemployment insurance benefits.
  4. Relocation allowances. The program would also provide up to $1,250 in job search and relocation allowances.
  5. Wage insurance. Workers who are 50 or older who obtain new full-time employment at wages of less than $50,000 may receive wage insurance for up to two years to help offset earnings losses if their new jobs pay less than their old ones.
  6. American Job Center Network. This would unify state and local one-stop career centers and provide workers with access to an online tool or 1-800 number through which they could access job search services from home.
  7. American Job Center website. The White House plans to unveil a new American Job Center website at JobCenter.USA.gov. The Obama Administration says it’ll help people find jobs and training programs. The site is under construction, but individuals can sign up for an alert to tell them when the site goes live.

Info: For a more detailed breakdown of the president’s jobs proposal, click here to see the White House’s official statement.

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