November 5th, 2008
01:49 PM ET
5 years ago

Obama will struggle to create jobs

Obama at an economic summit last month.
Obama at an economic summit last month.

NEW YORK (CNNMoney.com) – Here's the challenge facing President-elect Barack Obama as he weighs how to create more jobs: another half-million jobs likely will be lost between now and Inauguration Day.

That's not even counting the 200,000 jobs that economists believe employers trimmed last month, according to estimates from Briefing.com. The October jobs report will be released this Friday.

The unemployment rate is expected to climb to 6.3% from 6.1%, which would match the worst reading of the decade. And economists all seem to agree the worst is yet to come.

At some point next year the unemployment rate is forecast to pass 7%, a level not seen since 1993.

And the job losses of 200,000 or more a month are expected to be the norm, not the exception, in the coming months, as the full impact of the credit crisis is felt more keenly on Main Street.

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Filed under: Candidate Barack Obama • Economy
soundoff (389 Responses)
  1. Marilyn

    Why should he create jobs when he can just tax the rich and then send everybody else a welfare check?

    November 5, 2008 03:54 pm at 3:54 pm |
  2. Arthur

    Obama is going to be a great president. these are hard times and the country will need unity to get through the economic downer that will grow even larger every month. This is no time for fighting brother against brother, we are all Americans, and we need to stick together during the hard times ahead. Obama will lead like Lincoln and FDR; great Presidents serving during terrible times, and we are lucky to have them.

    November 5, 2008 03:54 pm at 3:54 pm |
  3. Sandy

    Robert, the stock market was doing terrible long before this day.

    November 5, 2008 03:55 pm at 3:55 pm |
  4. teresa

    Jason,

    It isn't about taxing businesses, it is about offering tax cuts to businesses for each American that they hire.
    And I admire your gracefulness. I voted for Obama, but had McCain won, I would have supported him as well.

    November 5, 2008 03:56 pm at 3:56 pm |
  5. Joe

    You know, you people who are still posting this negative garbage really have to take a step back and think for once. You need to ask the question: Why? Why would Obama want to take money from you and give it to people on welfare? Why would Obama want to ruin the country? Why would he want to bring our troops home in defeat? The answer is he doesn't...he's got a clear plan for making things better, and he wants us all to be involved, Democrats and Republicans. You heard McCain last night...we need to put our differences aside and work together. But to sit there and say he's going to ruin the country, that simply defies logic. Please, use your brains for a change instead of blindly believing the drivel you heard on FOX. There's no way Obama would do anything to harm our country and be able to get away with it...he won't be able to sign anything without congress approving it, so chill. If you think...if you ask the question why, do the research and educate yourselves, you'll get the facts. There are checks and balances, your money is safe (well, as safe as it can be right now). The war will end successfully. He's not going to ruin America. Heck, things are so bad now, there's only one way we can go...up.

    November 5, 2008 03:56 pm at 3:56 pm |
  6. Steve, IL

    It's unbelievable how Reality King and everyone else to the far right have bought into McCain's smear tactics and have completely ignored the facts. Can any Republican's actually tell us what McCain's tax and economic plan is? I can recite McCain's stump speech for you b/c sadly, throughout the campaign he was unable to produce any original or insightful comment, other than what was laid out in his stump speech.

    November 5, 2008 03:57 pm at 3:57 pm |
  7. Dee

    Wow. I guess I shouldn't be surprised at all the hate I see in these emails. McCain supporters are holding their breath that Obama will fail, instead of embracing hope and change. He's no miracle worker. No possible way he can be expected to fix everything overnight or any time soon. It took us a long time to get in this mess, and it may take even longer to get out of it. The reason McCain supporters booed is because they are hateful, angry, racist people (fortunately these types of people are apparently outnumbered in America). Obama supporters are hopeful people from every walk of life who are willing to put aside their differences, whether it be skin color or political affiliation, to come together in the hopes of putting America and the world on a better path, one, I might add, that will never be "perfect." Yes, things are going to get a lot worse before they get better, but give the man a chance. You have a new president now - like it or not. How you react is up to you: moan, groan, whine and place blame, or shut your mouth and accept this turn of events in history.

    November 5, 2008 03:58 pm at 3:58 pm |
  8. changewecanbelievein

    RealityKing – you can not be serious. the man is not in office and there has been no change in taxes so how the hell can you say that was a direct result to Obama's win. You are a clown!!

    November 5, 2008 03:58 pm at 3:58 pm |
  9. Michelle, PA

    We didn't get in this hole in a day,or a week, or even a decade. It's going to take time and effort to dig out no matter who is in the Oval Office.

    November 5, 2008 04:00 pm at 4:00 pm |
  10. rick

    For every american.
    check out pauls post first off. second the only way are economy is going to get better is if , we as americans united. stop buying the things we dont need. and try to only buy american made products. forcing business to stay in the states. creating more jobs.
    Democratics and Republicans both. we need to take responsability for our own actions to help our econemy. we cant use the president for a scape goat anymore!!!! lets give peace a chance!!!!!!!!!!!!!!!!!

    November 5, 2008 04:01 pm at 4:01 pm |
  11. cm

    Hey people give the man a break, nobody is saying will be easy.
    Either him or McCain can do a miracle with the economy we are in a mess created long time ago (8 years). We have to work together

    November 5, 2008 04:01 pm at 4:01 pm |
  12. Rick

    Great reaction of the market to Obama's win. Down nearly 500 points. Over 5% of its value was lost today.

    November 5, 2008 04:03 pm at 4:03 pm |
  13. Badmus

    LOVE IT OR HATE IT SAY AMEN ! ! !
    America wouldn't loose its value the way REPUBLICAN PARTY did, ur good record and dignity wouldn't be useless the way JOHN MCCAIN record is, people wouldn't hate and run away from you the way BUSH is being run away from, you wouldn't be use as a attack dog the way SARA PALIN is use in this election, also you would be succesful and love the way people love BARACK OBAMA, you would be honoured the way the media honoured OBAMA CAMPAIGN, and win in life the way DEMOCRATE did.............................................................amen

    November 5, 2008 04:04 pm at 4:04 pm |
  14. Kari S.

    I live in Minneapolis, where we had a bridge collapse. My brother is a truck driver. We both strongly believe that jobs should and can be created to fix our rapidly deteriorating highways and bridges. Wasn't this done by FDR after the Great Depression? Something called the WPA?

    November 5, 2008 04:04 pm at 4:04 pm |
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