“Too many Americans out of work”

Obama announces tax cuts

WASHINGTON – In the United States there are “still too many companies in difficulty, still too many Americans without work”. President Barack Obama, addressed to journalists in the Rose Garden at the White House, took stock of the American economic situation, describing a dramatic scenario, especially with regard to the labor market.

To encourage recruitment, the White House has announced that it is preparing a program of tax cuts for small and medium-sized businesses and the middle class. Obama pointed out that his economic team is working on further measures and asked Congress to reduce the tax burden on the middle class.

The provision concerning the relief in favor of small businesses “unfortunately – has specified Obama – is stopped for months in the Senate, blocked by a minority that does not even allow to go to the vote. It is a senseless thing”. The President has accused the Republicans of “holding this measure hostage, to the detriment of our economic growth”. “For this reason – he added – I ask the Republican senators to stop with obstructionism”.

“When Congress resumes work after the summer break – added Obama – it will be necessary to pass new laws in favor of small businesses. We know that in the last few months of last year, 60 percent of job losses were linked to small businesses. For this – he explained – we have approved 8 different tax relief for small businesses and worked to extend credit to them. But we need to do more “.

After the President’s intervention on urgent measures to boost employment, Wall Street went even further. The Dow Jones marks -0.82% at 10,067.81 points, the Nasdaq composite -0.91% at 2,134.04 points and the S&P 500 -0.84% ​​at 1,055.69 points.
(August 30, 2010)