The Obama Administration is under fire about his job creation performance. Since he took office 2 million jobs have been lost with only 150,000 jobs created or saved by the stimulus package.
With last Friday's report showing that 345,000 jobs were lost and that the unemployment rate was at 9.4% the Administration wants to step up the pace of job creation. There is a growing fear that the unemployment rate may hit 10% soon.
With all of this blaring at the Administration, President Obama has set a new goal to create or save 600,000 jobs in 100 days: four times the number added in the first 100 days. Among the 10 areas which the Administration has identified are 125,000 "youth summer jobs," jobs to be created from work on 2,300 construction projects around the country, jobs added from 200 new waste and water systems, and work on improving 98 airports and 1,500 highways.
The stimulus package or $787 billion dollars is to be spread out over the year 2010 and 2011 to insure that the recovery continues to grow.
On the negative side, the stimulus package is putting pressure on the Federal Reserve to finance ever growing budget deficits. We've seen recently that this pressure is causing interest rates to rise, and, in turn, pushing up mortgage rates.
Then we recognize that the unemployment numbers only reflect only those who are classified as not working by the Bureau of Labor Statistics. If we count the underemployed (part time workers who want to work full time) and those who have given up looking for work, the number grows to more than 30 million, or 18.58%.
Housing and jobs are the cornerstones of the Obama recovery program and the pressure is intense to perform "now" on both of these fronts.
Will President Obama meet his goal of 6,000,000 jobs in 100 days?
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Reader Comments (Page 1 of 1)
6-08-2009 @ 6:53PM
Joe Camel said...
Please, We have lost 60 Billion when GM and Chrysler declared bankruptcy That alone would provide 12 million jobs at 50,000.00 a year ?????????????
6-08-2009 @ 7:51PM
Bugman said...
NO!
Obama is a socialist and neds to be halted yesterday!
6-08-2009 @ 8:26PM
rslover said...
OBAMA SAID HE WOULD CREATE NOT SAVE....NO ONE CAN SAY HE IS RESPONSIBLE FORE SAVEING ANYTHING CREATE
6-08-2009 @ 8:35PM
Ryan said...
Success is measurable...what was the unemployment rate
prior to Obama and what is it it now? What will it be when the automakers close half their plants and dealerships in the future. Looks to me like the "Community Organizer's"
programs have failed and the taxpayers were suckered.
Bet you can't wait for the government to take over healthcare! Would be nice if they learned how to run Government 1st!
6-08-2009 @ 11:26PM
mark said...
I saw that news conference with Obama's team assembled around the table with the large flat screen monitors, etc. If you read the body language, and look at the direction everyone around that table was shifting their eyes, and the manner in which they postured their bodies and heads you can plainly see "they know" we are F*CKt !! Oh my God, it screams out..."This thing is broken so badly, and things are so far out of control, we can't stop it, but we're gonna try to convince you it's not sooo bad by claiming 150,000 jobs "saved" as a small victory". "Jobs Saved" is not even remotely quantitative...anybody with even basic economic policy knowledge knows that!!! Oh My God People...We are SOOooo SCREWED!