What about Wall Street?

With an unemployment rate nearing 10 per cent, and positive public sentiment waning, the job market in the United States is reaching a point where something critical is necessary. The question is what form this particular ‘something’ must take. Should it be concrete in that it provides funding to spur growth? Or, alternatively, will more psychological assistance be what is needed to get the market back off the ground? Are citizens and businesses just looking for that little spark of hope that will change everything? Or is this being far too altruistic given the real world situation our economy now faces?


Yesterday, the U.S. Senate passed a bill which aims to help small businesses create and fill jobs. The bill exempts small business owners from having to pay the Social Security payroll tax per new employee. It also gives a $1000 tax credit to those small businesses who keep new employees for over one year. In the proverbial Main Street versus Wall Street argument, this bill certainly keeps Main Street afloat.

Is it, though, just lip service to a more critical problem with the economy? The psychological impact of the bill is undeniable, as it gives business owners a reason to attract help, and job seekers a reason to get back out there. It is far from perfect however. While it does address issues in Main Street America, it overlooks the larger pools of businesses and job seekers in metropolitan areas. The jury is still out on whether or not this is a good first step.