President Barack Obama recently revealed his American Jobs Act before Congress, that he says is designed to boost employment to get Americans working again.

In his 45-minute speech outlining this $447bn plan, Obama said the bulk of the cost of the plan is for reducing payroll taxes (the average American family could receive a tax cut of $1,500 in 2012), and making it less expensive for businesses to hire new staff, in addition to retaining teachers, and retraining the long-term unemployed.

Though economists believe that the plan could support two million new jobs and cut the unemployment rate to 8% from the current 9%, the plan has also come under criticism.

For example, some economists feel that this plan is not enough to jump-start the economy; that it may create a small amount of jobs but that the costs would be several hundred thousand dollars per job; that companies who hire the long-term unemployed will get a $4,000 tax credit but that the tax cuts are temporary.

The general consensus is that the economy is in a ditch that will be hard to get out of.

Do share your thoughts. How do you feel about the American Jobs Act?