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. Scott Tucson

    I expect Obama would still be blaming Bush for the failing economy, troops still stucked in Iraq, Iran having nukes ect. a thousand days from now when he promises more CHANGE which will only come during his second term.

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

    "Bush has done more damage to this country than ever before in history..."

    Come on "LS, Austin, Texas" – do you really think that? Are you a student of history? Democrats make wonderful armchair quarterbacks, but your party typically fails to execute on its rhetoric. You've had 2 of 3 branches of elected government for 2 years – what have you done? You soon will have all 3, so should i be getting ready for an unprecedented 4 years of prosperity and enlightenment to be ushered in by your party or just Carter Administration Part II?

    November 5, 2008 02:59 pm at 2:59 pm |
  3. florida businessman

    This is my 2nd posting – the CNN censors must not have liked my first entry. I employ 12,500 people, will cut 15% of staff in the next 3 months. I will raise my prices but not wages due to anticipated tax burden. Obama will create JOB DESTRUCTION!! He is Jimmy Carter's 2nd term!

    November 5, 2008 02:59 pm at 2:59 pm |
  4. dar

    Well, Obama Supporters, I hope in 4 years we have improved and the man can keep all of his promises, and make a better stronger nation.

    but, if not...I TOLD YOU SOOOOO!

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

    Wages have been stagnate for yrs. Our economy has been surviving on stymulus packages and increase in debt! If u create better jobs and increase consumer spending by people who have actually money to buy things small business will have to expand bc of demand! It makes business since so all of u small business owners shut tfu! U will expand ur business bc ur money hungry even if u have 2 b forced to spread the wealth!

    November 5, 2008 03:00 pm at 3:00 pm |
  6. Troy Schwamberger

    Im running for "Joe the Plumber" next term. Looking for a campaign manager.

    November 5, 2008 03:00 pm at 3:00 pm |
  7. Ferd is a liar

    What sort of "employer" will air out his lay-offs on a CNN message board? Sounds like another phony McCain supporter looking to take a stab at the president-elect who had ZERO influence on the economic situation that is causing REAL small business owners to make tough decisions because of your party's inexcusable economic philosophy and policies.

    November 5, 2008 03:01 pm at 3:01 pm |
  8. Willie Lump Lump

    All of you read through all the comments and see how biased you all are. One way or the other. Petty bickering. Our President ELECT, as in, not actually in command or responsible, needs to at least get a chance to do something about it. So whether it is a 35 employee company, which by the way better make more than $250 or it is not worth it unless it is a charity, that is supposedly struggling or those who are so broke but still have access to a PC and are using the time instead of maybe earning some money, all of you need to give the guy a chance before you can say he can or he can't.

    November 5, 2008 03:02 pm at 3:02 pm |
  9. mike

    i find this line very humorous. Obama's idea of creating more jobs is making more government jobs. And everybody seems to think this is a great idea? We are in some big trouble, that's all I've got to say. I'm with RealityKing, my boss has said we might as well close the doors, cause if they actually raise taxes on our little company he's packing up and moving to some country where he's actually allowed to better himself and get rewarded for his efforts.

    November 5, 2008 03:03 pm at 3:03 pm |
  10. Richard

    Only on day after the election and the several folks are already projecting disaster. These are tuff times and it is sad that the McCain folks can't see that they have to be part of the solution. We can ill afford to be pulling in different directions. Give this President a chance. Lets please try at least to unite and think positive. We will need everyone's input and effort. Lets but the nation ahead of the matters serve to divide us. We need to move from fear to hope.

    November 5, 2008 03:03 pm at 3:03 pm |
  11. k

    I am not shocked to here negative talk from people that still can't except the fact that they are still racist . Obama is the president NOW! So get over it! Your living in the past this is now the
    future . So many of yall is haters , deep down in side yall no that this pick was best ever made and it kills you to see a African American man in the white house. I pray for people like you. this is history and what I seen last night wasn't just about African Americans it was about the United States of America.

    OBAMA!!!!!

    November 5, 2008 03:03 pm at 3:03 pm |
  12. florida businessman

    I employ 12,500 people and will cut 15% of staff in the next 3 months due to the election of Obama as Prez. I will raise my prices but not wages due to anticipated tax burden. Obama will create JOB DESTRUCTION!! He is Jimmy Carter's 2nd term!

    November 5, 2008 03:04 pm at 3:04 pm |
  13. Chip

    AL,

    Don't tell the haters to go to fox news, get real. Did you read any of these 'tickers' in the last week when McCain or Palin was the subject?

    Talk about hate.

    November 5, 2008 03:04 pm at 3:04 pm |
  14. Michael

    The First act of Congress will be to change the name of the nations capital building. And only because the White House now sounds politically incorrect.

    November 5, 2008 03:05 pm at 3:05 pm |
  15. Troy Schwamberger

    Even if he DOES raise taxes, think about the money you spent on $4 a gallon gas for the last few years. HOW MUCH DID THAT CAST YOU? Heres a calculator for the republicans.

    November 5, 2008 03:05 pm at 3:05 pm |
  16. Craig in Washington

    Obama has already taken the first step. He realizes he has to create jobs for AMERICANS. George Bush never grasped that concept. He created millions of jobs for Asians, but very few for Americans. It'll be rough for Obama at first. But he knows you can't solve a problem unless you recognize it first.

    November 5, 2008 03:05 pm at 3:05 pm |
  17. mrshark

    Hey Mr. Independent

    The jobs you are talking about are being taken by cheaper workers, like illegal aliens..

    I would agree with you if it wasn't for the fact that the CEOs of these companies are making 400 times more than the average worker they employ.

    Some of these CEOs if they really cared about there companies would take less for themselves to pay for the workers that are keeping them in business.,
    But I guess its better to be GREEDY and find cheaper labor instead..

    November 5, 2008 03:05 pm at 3:05 pm |
  18. Richard

    yes, no unemploynment and no standard of living...that is marxism for you...

    November 5, 2008 03:05 pm at 3:05 pm |
  19. John

    Where do I go now for my free government handouts? Do I have to wait till January?

    November 5, 2008 03:05 pm at 3:05 pm |
  20. Steve

    NAFTA.

    I think we need to look back even a little further than the Bush administration to find the beginning of rampant job loss in this country, Either way, I wish the new President Elect a lot of luck. He is going to need it.

    November 5, 2008 03:06 pm at 3:06 pm |
  21. John

    The Prof:

    I dont think you are as smart as you think you are; to be is not a verb. A verb is an action word, eg smiling or laughing

    Pls find the verb in the following sentence... I am beating a chalk duster on top of you thick skull.

    November 5, 2008 03:07 pm at 3:07 pm |
  22. FreenLovit

    Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men. FDR

    November 5, 2008 03:07 pm at 3:07 pm |
  23. ??

    Of course we have to blame it on Bush! How do you think we got to where we are today? He's been president for 8 years!

    This job situation can not be fixed overnight, obviously. It took us 8 years to get here, Lord knows how long it will take for us to fix our problems.

    November 5, 2008 03:08 pm at 3:08 pm |
  24. Yes to Obama

    He will create job...only it will take time...REPUBLICANS DEMAGES OUR ECONOMY FOR 8 YEARS....PLZ GIVE OBAMA SOME TIME TO FIX IT.

    November 5, 2008 03:08 pm at 3:08 pm |
  25. bb

    first line of action should be remove all the h1b visa's and green cards for high tech jobs. Why are we outsourcing and then giving the remaining jobs to h1b visa and green card candiates?

    November 5, 2008 03:08 pm at 3:08 pm |
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