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Obama: Two year jobs plan for 2.5 million people

Bloomberg:

President-elect Barack Obama said he aims to create 2.5 million new U.S. jobs in a two-year plan to simulate an economy facing a “crisis of historic proportions.”

Job losses in the U.S. have totaled 1.2 million this year as the economy entered a slowdown exacerbated by the worst credit crisis in seven decades. More firings will weigh on the economy and consumer spending, putting pressure on Obama and Congress to agree on legislation that will stimulate growth.

“I have already directed my economic team to come up with an economic recovery plan that will mean 2.5 million more jobs by January of 2011 -- a plan big enough to meet the challenges we face that I intend to sign soon after taking office” on Jan. 20, Obama said. “We have now lost 1.2 million jobs this year, and if we don’t act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.”

Details of the plan will be worked out in coming weeks, and will include jobs rebuilding roads and bridges, upgrading schools and building wind farms and alternative energy technologies, he said.

Good, although what we'd expect from any Democrat. So long as its a floor, not a ceiling, eh?

Say, maybe the $350 billion a year we'd save with single payer could help pay for it? I mean, even by the side of trillions for the banks. that's not chump change.

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kerril's picture
Submitted by kerril on

As a Clinton fan ( I wrote her name in in the General) I do get happy hearing these things from Obama. After 8 years of expecting nothing and getting far worse, a nod to democratic principles admittedly makes me happier than perhaps I should be.

bringiton's picture
Submitted by bringiton on

Expect $600 Billion or so in 2009, another $300 Billion in each of 2010 and 2011, maybe more. If the economy picks up smartly, additional hudreds of billions will be invested in education alone.

And yes, UHC will come but the problem facing advocates is entrenched interests with lots of money and practice at using their clout. It isn't just the insurance industry; the most formidable opponent is Big Pharma who without the enormous profits coming from the US will have to revise not only their operations and investment structures but their now-subsidized overseas pricing as well, meaning fewer modern drugs will be available for the poorest.

The health insurance industry we can easily - and better - live without. Big Pharma is a lot more complicated and in the end true UHC will make new medicine R&D subject to US government policy. Big Pharma will essentially become an extension of the Public Health system with decision management on which drugs to sell at what price determined by UHC reimbursement policy and new drug development decided by selective tax breaks managed through the IRS. What could go wrong? Brave New World, ready or not; nothing for it but to march ahead and brace for the adventure.

chicago dyke's picture
Submitted by chicago dyke on

um, hasn't Duncan reminded us that we've lost 400k, per month, for several quarters that are really years that are actually since like about 2004?

2.5m doesn't "impress me." in which industries, to what effect? at what payrates, and with what benefits? which are long term, and guaranteed? and which contribute to which long term growth industries? for all?

we lost half a million just this month. back in the day, even under chimpy, "growth" job market numbers were crowing in the 1-2m range. you want to talk about growth? let's meet the difference, just in terms of what is being lost, right now. is there are way to "create jobs" that isn't related to killing people (chimpy's MIC expansions) or non-innovative pork spending like "roads and skools"? just wonderin.

never mind benes, or health care, or 401ks.

what are US growth industries? so far as i can tell: big pharma, teevee, and the MIC/PIC. anywhere else? can we give a try to expanding the list? plz? experimentally, even, in just a few states? i have puppies. you can slaughter them, in exchange.

Damon's picture
Submitted by Damon on

But, I also share the skepiticism CD, especially considering I'm from a state that has lost upwards of 400,000 jobs (if not more) since 2000, a good 300,000 or so of those of which were decent paying industrial jobs. If we're shooting for 2.5 million "Wal-Mart" jobs (i.e. low-level service industry jobs), that will leave much to be desired.

CD, "half a million jobs just this month"?

amberglow's picture
Submitted by amberglow on

"... Mr. Obama’s announcement came after market declines and the prospect of a collapse by automakers and other storied companies had sparked growing criticism last week that he was sitting on the sidelines. ..." -- http://www.nytimes.com/2008/11/23/us/pol...

and this: "... Advisers to Mr. Obama say they want to use the economic crisis as an opportunity to act on many of the issues he emphasized in his campaign, including cutting taxes for lower- and middle-class workers, addressing neglected public infrastructure projects like roads and schools, and creating “green jobs” through business incentives for energy alternatives and environmentally friendly technologies.

In light of the downturn, Mr. Obama is also said to be reconsidering a key campaign pledge: his proposal to repeal the Bush tax cuts for the wealthiest Americans. ..."

so, he's not reversing Bush's cuts, and is adding more tax cuts too -- and he'll have money to create jobs how?

Submitted by jawbone on

per hour earnings of Big Three unionized autoworkers. He did lower it slightly to $71/hour (from the usual $74 or $77)...but, dammit, how do these highly paid "journalists" get away with this? No one challenged him, not even Totenberg.

Krauthammer I understand--it's a rightwing talking point lie. But the others???

Aaaeeeefggghhhh!

Damon's picture
Submitted by Damon on

Often time they add in benefits with wages, but from my experience, they usually specify that.