This past week's data point of significance for investors has to be the revised, final, fourth quarter U.S. GDP report, which indicated the world's largest economy grew 3.1% in the quarter, as well as 2.9% for 2010.

In 2009, the U.S. economy contracted 2.6% during the Great Recession -- the worst downturn since the Great Depression -- and even though the final 3.1% fourth quarter stat was better than the 2.8% previously estimated fourth quarter growth rate, the growth pace still is not strong enough.

Developed countries are scrambling to put in place more rounds of stimulus to prop up their faltering economies.

The U.S. Federal Reserve has already pledged or spent an unbelievable $12.2 trillion to bail out a handful of bankers. The Fed slashed interest rates to zero and it is now purchasing more treasuries with proceeds from existing purchases. Finally, at its recent meeting the Fed stated that it stands ready to inject more stimulus in the economy.

This is earnings season. By most accounts, corporations are reporting higher profits this year than last. If this is the case, you would assume that more jobs are being created. This is not happening.

Robert Reich, a Columbia University professor, offers his reasons why higher corporate profits are not creating more jobs. He cites GM as an example. GM sells more cars in China than it does in the U.S. GM has 32,000 hourly workers in China, as compared to 52,000 hourly workers in the U.S. This is down from 468,000 in 1970. GM insists that no American taxpayer money is being used to expand in China. But GM can use the money it makes in China to pay American workers and pay down debt.

It seems all the news is bad. The little bit of good that's out there is quickly dismissed as something bad overwhelms it. Every day, something new, something bad. As Roseanne Roseannadanna used to say: It's always something.

Sometimes when things seem really awful, it helps to do a little research and look at history, at previous times when everything seemed to be on the road to ruin, that good fortune would never return. So I looked back at some newspapers from the 1930's (the Web can take you anywhere). If you lived in those times, you knew for certain the American way was dead and gone, that nothing positive would ever happen again.

That the job creation task ahead for policy makers and executives alike is significant would be an understatement. The task is, arguably, as great as any economic endeavor since the restructuring of the U.S. economy for armaments production during the mobilization for World War II.

Here are the basics: the U.S. Labor Department puts the number of unemployed persons at 15 million as of the end of March, roughly 8.4 million of which stems from the 2007-2009 recession.

As most investors know, before President Obama took the oath of office, there were a half dozen problems waiting for him and his administration -- problems that no-doubt have discouraged many qualified, future aspirants from even thinking of running for the presidency during what will surely be a decade of repair and correction for the United States.

But if one had to isolate one problem President Obama must fix -- one on which his presidency will likely hinge -- it would be, of course, the U.S. economy, and within that, the issue of jobs.

What are the chances of a jobs bill emanating from the U.S. Congress in the immediate future? As of now, put it at 60/40 in favor.

Two factors that will help determine the jobs bill's fate: 1) health care reform legislation and 2) net monthly job losses/creation.

Assuming a December passage of health care reform legislation (signing it on the one-year anniversary of President Obama's inauguration has a nice ring to it), and continued, monthly job losses through March (which is likely), that will give Congress the legislative time and also underscore the necessity of an infrastructure-based jobs bill.

Employers are planning to cut fewer jobs for the third month in a row, according to a new report that Challenger, Gray & Christmas has supplied to BloggingStocks.

The executive outplacement firm says that the number of planned reductions fell 16% in October to 55,679 positions -- from 66,404 in September. Last month's level was the lowest seen since March 2008, when 53,579 layoffs were planned. And, it's 51% lower than October 2008's 112,884 result. Planned staff reductions have fallen in eight of the past 10 months.

This morning, the White House reported that President Obama's stimulus package has created or saved 650,000 jobs -- of course, this time the Obama Administration promises that the new figures will be "more accurate" than in the past. As for the jobs saved or created, the administration based its finds on roughly $150 billion in spending from the $787 billion stimulus package. These "more accurate" numbers are taken from state reports and private companies. The White House did note that the actual number of jobs created thus far is "likely closer to 1 million" because this report looked at only $150 billion of the $339 billion invested in the American Recovery and Reinvestment Act funds spent.

Investors, like the former great New York Yankee Manager Joe Torre, now manager of the Los Angeles Dodgers, have to be both aware of the current game situation, and be a few innings ahead, working through the permutations of what might occur.

With the above in mind, from an investor-relevance standpoint, what's next on the public policy front, after health care reform?

President Obama was in Cincinnati yesterday, where he spoke to a group of union members at a picnic. While he was on his way here, the White House released a statement noting that "working Americans will help our nation emerge from this crisis." Nevertheless, the President believes that the country still faces a "vast and complex" economic crisis. Here is the problem, with a dwindling American workforce, President Obama says that it will be the working Americans that pull the nation out of the economic crisis. Last time we checked (and that was last week), the jobless rate was 9.7%.

The first half of 2009 has whizzed by in what seems like a macroeconomic eye-blink. Wasn't President Obama inaugurated just a few weeks ago? It's a cliché but it's true: time flies.

The nation has made strides to recover from its near-decade of policy errors, but much work remains. Accordingly, then, here are three economic wishes for the United States for the second half of the year:

Mega-retailer Wal-Mart Stores (NYSE: WMT) announced today that it will add more than 22,000 jobs this year. The firm will add these jobs by adding positions to its current stores, building, or expanding. The 22,000 jobs will be in store management, pharmacies, human resources, customer service, cashiers, and sales staff.

WMT says that its customer base is expanding thanks to the economic downturn, as shoppers are looking for lower prices during tough economic times. That said, the company has jettisoned 1,800 employees since the year began -- with 700 to 800 positions cut at its corporate headquarters, 400 when it closed a regional return center in Georgia, and 650 cut when WMT closed an eyewear facility in Ohio.

President-elect Barack Obama campaigned -- and has continued to generate positive press -- on his commitment to job creation.

I've been scratching my head at this for awhile and wondering: Why is job creation a worthy goal? Shouldn't the goal be economic growth, and job creation is a happy byproduct of that?

Writing in Reason, Jacob Sullum, dissects exactly why Obama's rhetoric on job creation is nonsensical, illogical, and flies in the face of economics:

Obama also wants to spend $60 billion to "provide financing to transportation infrastructure projects across the nation." He says "these projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity. Fixing a bridge, widening a highway or building a light rail system may or may not make economic sense. But the fact that it involves paying people to operate jackhammers and pour concrete does not make it any more worthwhile. If creating jobs can justify transportation projects, why not fill the country with bridges to nowhere.

My optimistic hope is that Obama realizes that job creation is not a worthy goal and mentions only because he's politically savvy enough to know that it will generate consensus around his ambitious proposals. But if his billions of dollars in infrastructure projects are motivated by a desire to create jobs, we are in a lot of trouble.

This is one increase the American people would no doubt welcome with open arms.

President-elect Barack Obama, faced with a deepening U.S. recession, is expanding his fiscal stimulus package to achieve the goal of creating or saving 3 million jobs over two years.

Job growth is priority No. 1

Obama has made job growth his first priority, with the new target revised up from the previous 2.5 million-job target, said Christina Romer, Chairman-designate for Obama's Council of Economic Advisors.

Economist Richard Felson told BloggingStocks it's a good thing the Obama Administration is aiming higher.

"The 3 million job creation total over two years is warranted. In fact, it's modest when one considers that the U.S. economy has already lost 2 million jobs since the recession started," Felson said. "Job growth is at the core of reversing negative trends in corporate revenue, earnings, and of course home mortgage foreclosures."