November 5th, 2008
01:49 PM ET
6 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. Outlander

    Well, like any election, the results on whether this is a positive or negative move won't play itself out for at least a year- so forgive me if I find Oprah Winfrey 's comments about, 'America did the right thing', condescending and premature. I hope that we don't turn into the United Socialist Republic.

    November 5, 2008 02:52 pm at 2:52 pm |
  2. D Nelson

    George Bush has had 8 years to screw up the economy, people would have to be pretty naive to think that everything will be corrected in one year – or even one term. Obama, all along, has ben talking about a ten year plan.

    Now – yes, steps will be taken in his first term to move us in the right direction, but results are not going to happen overnight. If anyone voted for Obama thinking he was going to wave a magic wand and everything would be perfect within a year, you were seriously deceiving yourselves.

    This is going to be a long, difficult road and will require sacrifice from everyone – including the self-serving, greedy republicans out there. It is going to also take monetary investment. I'm hoping one of the first things he invests in is the hybrid technology with US automakers and the alternative fuel development and infrastructure. That will have a win-win-win situation for America in the economy (job creation), national security (energy independence) and the environment.

    November 5, 2008 02:52 pm at 2:52 pm |
  3. Betty the Beautician

    President elect Obama cannot get anything accomplished without the support and cooperation of Congress. Simple as that. Therefore, everyone who voted in this election, whether it be for or against Obama, cannot now just sit back and expect the President elect or Congress to "fix things." All of us need to stay engaged and up to date on what our elected officials are doing. And, if we don't like what they are doing, we need to come together an voice our opinion. Just like we did in this election. We also need to keep them accountable.

    Americans have themselves to blame for much of this because we had become apathetic in our own governement process.

    We need to continue to let our elected officials know what we think by a united effort to do just this.

    However, sounds to me from watching CNN that "it's going to be politics as usual?" Hope not.

    But, Obama can only do so much–

    November 5, 2008 02:52 pm at 2:52 pm |
  4. Mike

    If Obama was 1/2 German and 1/2 Irish as opposed to 1/2 white and 1/2 black, would that make him a better president?

    Grow up you suffering bastards. Bigotry is learned behavior. Many people in America learned from their parents that black people are somehow less human than whites. Your parents taught you this and that are the worst form of abuse.

    Anyone with this kind of hatred should in a 12 step program. Bigotry is a disease, pervasive and chronic!

    November 5, 2008 02:52 pm at 2:52 pm |
  5. cobra

    I did not vote for the thing nor will I ever acknowledge he is president of the United States. He is slick talker like a snake oil salesman and said all the things fools like to hear. He has never had any intention of doing what he promised. How sad it is that there are enough people that will vote for a known perpetual liar and one that has known connections to other unsavory people. Yesterday will be remembered in America as a day of Infamy!

    November 5, 2008 02:52 pm at 2:52 pm |
  6. Van

    If it is true that 95% of Americans will get a tax break, why is it that when I put my salary in the calculator on Obama's website it showed that I would get $0 in tax cuts? What am I missing about the 95% tax cut? My salary isn't even close to 250K.

    November 5, 2008 02:52 pm at 2:52 pm |
  7. Dennis

    Obama will struggle to create jobs becasue you can't create jobs by increasing taxes. And Obama WILL increase taxes on far more people than the top 5% of wage earners he's proposed. His tax increases on corporations will also cause more jobs to be shipped overseas. For a look at America under Obama's presidency you need to look no further than Michigan, a state which has been in a recession for years due to liberal mismanagement.

    November 5, 2008 02:53 pm at 2:53 pm |
  8. JL

    Can we please at least let all the votes be counted and the administration put in place before we start speculating on these things?

    That being said, I don't make more than 250 million dollars, nor does my small business, so I am not worried about taxes. I am interested to see if I will get the promised credit for each job I create, though. I hope I do because it will encourage me!

    November 5, 2008 02:53 pm at 2:53 pm |
  9. Lana

    People, it took 8 years to make this mess; it won't be fixed in one or even two. Stop playing the blame game, stop the partisan BS and learn to sacrifice and be patient.
    Geez, maybe we are a nation of whiners.

    November 5, 2008 02:54 pm at 2:54 pm |
  10. Terry in NY

    He'd better not! He made all those promises, the dems controlled everything but the white prior to this so they better be further down the path of recovery than McCain would have been! No time to wait Obama, get it done now or get out in 4 years!

    November 5, 2008 02:54 pm at 2:54 pm |
  11. David

    many of you keep helping and supporting the greedy who are stealing from your futures. until you gain control over your willingness to let them do it, no politician can help you. you ask for it with your very actions and the thieves know just which buttons to push to keep you infighting, and them very, very rich.

    November 5, 2008 02:55 pm at 2:55 pm |
  12. mrindependent

    Tre'
    You don't have a job now because you either did not possess the skills to stay employed or your company could not afford to keep paying you. It had nothing to do with Bush nor will it have anything to do with Obama. Take some responsibility and initiative and get out there and get a job. Instead of looking to Obama for handouts, go flip some burgers or spin a few pizzas. Work 3 jobs if you have to. Stop sitting on the sidelines waiting for someone to rescue you.

    November 5, 2008 02:55 pm at 2:55 pm |
  13. The Prof

    Obamavoter before I call anyone dumb/stupid, If I WERE you, I woule learn how to congugate the verb to be

    November 5, 2008 02:55 pm at 2:55 pm |
  14. dar

    I would also like to know what military experience have either Obama or Biden had?

    November 5, 2008 02:55 pm at 2:55 pm |
  15. Sarah

    Obama & Democractic party conquered the game.
    Let's see how they govern well.

    November 5, 2008 02:56 pm at 2:56 pm |
  16. R in Dallas

    This economic downturn was started long ago, and needs to hit rock bottom before things will start to look up again. We need to STOP delaying the inevitable by bailing out these irresponsible CEOs and start focusing on the people and our childrens' futures again.

    November 5, 2008 02:56 pm at 2:56 pm |
  17. Tom Bugbee

    Creating jobs will not be a problem for President Obama. The Marxist States of the 20th Century did not have unemployment.

    November 5, 2008 02:57 pm at 2:57 pm |
  18. J

    Look at countries that are currently or have been run by blacks. They haven't done a good job. I hope that Obama proves his non-believers wrong but I won't hold my breath.

    November 5, 2008 02:57 pm at 2:57 pm |
  19. Rave

    To Ferd Berfall,
    Are you Joe the Plumber's cousin who lives in a fantasy that he is or was or will be a business owner because his limited brain is designed to vote Republican?

    November 5, 2008 02:57 pm at 2:57 pm |
  20. Ken Sawyer

    The only way you create jobs is with disposible income. where is it going to come from? Is he going to tax the drug dealers to do it? I can see them spreading their wealth around to the unfortunate by paying taxes to the new prez. Obama is too high brow to deal with the real problems in the inner cities. After the 20th of January he will be in the drivers seat. He will inherit the buck stops here sign. Maybe if there is another hurricane in New Orleans he can keep people from drowning.Make a note. Gasoline is 2.21 a gallon right now one day after he is elected. There are no droughts now of any importance. We are promised change.

    November 5, 2008 02:58 pm at 2:58 pm |
  21. REPUBLIC OF TEXAS

    CAN'T CREATE JOBS BY TAKING OR TAXING THE BUSINESS OWNERS.............. I GUESS HE WILL BLAME BUSH ON THIS TOO!!!!!!!!

    November 5, 2008 02:58 pm at 2:58 pm |
  22. Rhonda

    Let's see how bad it gets when he raises corporate taxes too. I think we should take a poll now to find out who all voted for Obama. They should get the pink slips FIRST!

    November 5, 2008 02:58 pm at 2:58 pm |
  23. Dennis

    Obama will struggle to create jobs because you can't create jobs by increasing taxes. Obama will increase taxes for far more people than the top 5% of wage earners he's proposed. His tax increases on corporations will also chase more US jobs overseas. For a look at America under an Obama presidency, look no further than Michigan. That state has been in a recession for years under liberal mismanagement.

    November 5, 2008 02:58 pm at 2:58 pm |
  24. hazzymoon

    well this is my opion and for now i have the freedom of speech, this is a sad day i draw my socical security and i wk for it and its still not what i paid in , but now with obama it will be cut more to give higher welfare checks to the people who do nothing but have babies and take whats not theres , i know this might not be put up on the blog for god forbid some one say something about obama i mean hes already been deemed the saviour as the second comming but this isnt rite any way you look at it hes just a man that want money and power to help the ones who want try to help them selfs and this is truly a sad day in america

    November 5, 2008 02:58 pm at 2:58 pm |
  25. Scared

    "The Democrats are for the working man"

    Well, with the dem's controlling basically everything now lets see how true that is, frankly I can't remember anything the democratic party has done for the working man since 60+ years ago but raise taxes.

    November 5, 2008 02:59 pm at 2:59 pm |
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