Franken introduces jobs bill

WASHINGTON, D.C. — Sen. Al Franken today introduced his jobs plan, a so-called “Cash for Jobs” bill [PDF] that would provide federal wage subsidies to incentivize hiring new workers.

Cash for Jobs would take $10 billion from remaining Wall Street bailout funds and redirect half to create private-sector jobs. Fifty percent of wages for new, private-sector hires would be subsidized for the first nine months, up to a $12-per-hour subsidy, Franken’s office said, with additional credits for hiring Iraq and Afghanistan war veterans, and a three-month bonus would be paid if the employee was retained for 15 months.

The other half would be given to state, local and tribal governments to create green jobs by retrofitting government buildings, making them more energy efficient, Franken said.

As we reported on Jan. 15, Franken’s proposal is based on the Minnesota Emergency Employment Development, a program launched in the early 1980s that paid for part of new workers’ salaries and is credited with creating 42,000 jobs over three years. The rest of that report can be read here.

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