President Obama to unveil plans for job creation

Posted Dec 7th 2009 4:30PM by Connie Madon

President Obama plans to announce his plans for job creation in a speech on Tuesday.

Here are a few key elements of his proposal: State budgets face some $144 billion in shortfalls this year. Unlike the federal budget, states must balance their budgets each year. This year Congress provided some $150 billion to the states. The Obama plan will likely include more aid to the states.

The plan will include spending on infrastructure. Officials say they have another $69 billion of "shovel ready" projects ready to go next spring.

Obama wants to increase loans to small businesses. Banks have pulled back on their lending, so the federal government must take charge. Much of this lending could be done through the US Small Business Administration. Loan limits and interest rate caps could be lifted.

The unemployment situation is critical, with 1 million losing their benefits this year. The safety net needs to be extended, including subsidies for food, and health insurance. This must take first priority.

The plan would include "green technologies" by encouraging weatherization of homes and other buildings.

Some advocated tax breaks for job creation, however this may meet with opposition in Congress.

To pay for this stimulus, lawmakers could use some $70 billion of leftover TARP money. Congress could impose tax increases or spending cuts that would not kick in until the economy improves. They could impose a tax on Wall Street transactions, however the US Treasury if firmly opposed to the idea.

However the details are worked out, the need is urgent. As a nation, we simply cannot have 17 million unemployed!

Do you have any ideas for job creation?

Tags: congress, obama, recession, tarp, unemployment

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Reader Comments (Page 1 of 1)

12-07-2009 @ 5:12PM

cactusmet said...

Great idea to produce more jobs , but no more taxes, please, its just counter-productive. I think there are a lot of people that are really wanting to work And they would be thankful to have a job at much lower than they were used to. There is much to be done, that's certainly not a problem - finding work to do - but it still needs to be fulfilling for the worker, too. and it needs to be carefully thought out so those layed off recently wouldbn't be discouraged - they should be offered jobs first. Some have started their own business and I think that would be an excellent area to expand on, because these small busineses will hopefully be able totake up some slack when the economy gets going again, and its not ever going to be the same old work force again; new ideas, new businesses, and a new world,preferably with less Carbon Emmissions, will be what makes the next century exciting and give people a real incentive to do it right!

12-07-2009 @ 5:42PM

ij70 said...

The only thing they need to do is raise import tariffs a bit. That right there will generate jobs here.

12-07-2009 @ 6:18PM

clikdawg said...

'NEW YORK (CNNMoney.com) -- The Obama Administration is expected to slash the estimated cost of the Troubled Asset Relief Program by $200 billion, effectively paving the way for what could be a massive federal jobs program.

'The latest projection, which will be officially unveiled by the White House this week, would cut TARP's price tag to $141 billion, according to a Treasury Department official.'

Just wait til they tell you that they plan to start spending, well in advance of the fact, the 2011 'peace dividend' we can 'expect' from Afghanistan, based on 'projections' that are bound to come true.

Anyone who says "Hey, wait a minute ... " will be branded a coward, a nay-sayer, a defeatist, and a leading cause of our continued troubles Over There.

"if wishes were horses, beggars would ride' -- and the same holds true of 'projections'; except that those who will be beggared will not be the projectors, they will be me and you as usual.

12-07-2009 @ 10:41PM

hacker said...

I THINK THE GOVT AGENTS NEED HELP IN ALL SECTORS AND THAT COULD CREATE JOBS AS WELL.
FOR EXAMPLE
IRS
FBI
INS
ANY AGENCEY THAT CAN COLLECT MONEY OR STOP FRAUD!