In this week's edition of "Your Weekly Address from the President-elect," Obama announced a goal of "2.5 million more jobs by January of 2011":
That is not nearly enough.
Historically, since 1940 the average percentage increase in jobs created by the U.S. private sector year over year has been a bit more than 2.1 percent. In August 2008, the most recent month available at the Bureau of Labor Statistics, there were 115,867,000 private sector jobs. At the historic average rate of 2.1 percent the economy should produce 2,433,207 "more jobs" each year - just about equal to the president-elect's uninspiring two-year goal. Obama's goal ought to be at least five million jobs. He should strive to at least reach the historic average.
On the other hand, during the campaign Obama proposed $3,000 tax credit for businesses that hire new workers in 2009 or 2010. At $3,000 for every job created, five million jobs would cost taxpayers $75 billion. That would be in addition to the other $375 billion in job creation programs Obama proposed during the campaign:
Separately, Obama has promised to create 5 million “green-collar jobs” by “strategically investing $150 billion over the next 10 years to catalyze private efforts to build a clean energy future.” That commitment suggests a higher quality of jobs, not just sheer numbers.
His economic plan during the campaign had specified: “Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school repair – all to save more than 1 million jobs in danger of being cut.”
That total of $450 billion is enough money to simply give 8,958,254.5, nearly nine million families (8,958,254.5 to be more precise), $50,233. According to the U.S. Census Bureau, $50,233 is the real median annual household income in the United States.
Even if Obama only spends $300 billion on job creation, as reported by Katherine Skiba, that would still be enough to give an amount equal to the real median household income to nearly six million families.
Comments
OBAMA had a chance to shine in the SENATE for the rest of the year!!!! Instead he continues with his endless rhetoric from the sidelines which is REALLY tiring!!!
If Obama cared about the economy and the people were hailing him the Messiah, why did he resign from the Senate so soon??????? He could have helped the SENATE with the US automakers case, unemployment, etc.
That's because if he seats in front of a group of senators to form solutions, OBAMA will not have a solution. He needs his highly paid advisers from his $600 million dollar campaign to think for him and he would just sell their solution!!!!
Otherwise, Obama is just an empty suit in the Senate. He never really shined while he was in the Senate.
Once again, OBAMA voted "PRESENT" and thought, "I'm outta here!"
This in not the 1930's and Obama isn't
FDR by any means. This 2.5 million jobs package in an insult. Look around you how many americans do you see building bridges or roads? This package is for Illegal aliens not americans out of work!!!!!!
Mike and tj, the numbers I've heard run about another 600 billion. 150 billion alone in revenue sharing with States so they do not have to make major cuts in spending. that leaves another 450 billion in money for other domestic programs. I believe he will give major tax cuts and credits for things like Solar panels etc. I plan to invest if he does. I could put 10k worth of panels on my house for an out of pocket of 5k. That would run my house without an ounce of coal or natural gas. I spend about 120 per month on electricity. or about 1440 per year. That is over a 25% return on my dollar. The panels would pay for themselves in 4 years and last, on average 20 years. This will free up more money, and energy for me to spend on additional investments in my home such as solar water heater, that could save me up to $200 per month, or $2400 per year, and the panels cost about 2400 after proposed rebates. They also last 20 years. That means in 5 years I'm saving, mininum $3500 per year. After tax. This will pump up the economy in the short run and long run.
He also plans on giving tax credits for college tuition; I've heard up to 10k. That would help me tremendously. My son is just starting college. This means he can attend the 4 year institution of his choice. Weee.
So final anaylsis, Obama's transition team is doing a lot, and our future looks much brighter.
He is pumping up expectations which increase expenditures. He doesn't have to be in the Senate to influence legislation. He needs to hit the ground running, which is what he is doing.
As a matter of fact, in my estimation, he is already, way ahead of the curve. He will go down as one of the greatest Presidents. Mark my word.
It's ironic that, after endorsing Bush economic policy for two terms, you would now criticize Obama for not doing enough to fix the mess that's resulted from those Bush policies you praised.
It's ironic that, after endorsing Bush economic policy for two terms, you would now criticize Obama for not doing enough to fix the mess that's resulted from those Bush policies you praised.
Hi webmaster! rky
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