HIRE Tax Credit Hasn’t Affected Change

The Treasury Department said that at least 4.5 million of the workers hired from February to May had been jobless for eight weeks or more, making their new employers eligible for the Hiring Incentives to Restore Employment (HIRE) Act, which exempted employers from paying social security tax on these new hires and gave them a $1000 tax credit if they kept the employee around for a year.

But officials don’t know how many of those workers would have been hired even without the credit, reports USA TODAY.

About 12.2% of workers jobless eight weeks or more were hired since HIRE became law, compared with 11 percent since January 2009; Assistant Treasury Secretary Alan Krueger wouldn’t attribute the small increase to the new program.