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. o pray

    Newsflash: Obama election delivers fatal blow to own grandmother and takes out michael crichton!!!

    Wait, sorry, correlation isn't causation, Mr Reality King.

    November 5, 2008 03:09 pm at 3:09 pm |
  2. Overit

    Andrea.."So people need to be trained for jobs of t he future and Obamination realizes that", If you need to be trained for a job then go out and get a job and pay for your college education just like millions have done in the past. Hussein Obama is going to have a hard fight with trying to take hard working people's money away. That is alot of the reason that people voted for him. "He is going to pay my mortgage and buy my gas", hogwash! Most people that voted for him were generally brainless!

    November 5, 2008 03:09 pm at 3:09 pm |
  3. Focus

    Obama has to be "American President" first , before being a "World Citizen" that he dearly wants to be called.

    New admin needs to spend time and energy resolving American issues.

    November 5, 2008 03:09 pm at 3:09 pm |
  4. Party Pooper

    To Reality King: Hmmmmm Obama costing us more in tax dollars and he hasn't even been sworn in as yet? Very logical!

    November 5, 2008 03:09 pm at 3:09 pm |
  5. james in WV

    @The Prof

    learn how to spell first!!! it's *would* not woule.

    November 5, 2008 03:10 pm at 3:10 pm |
  6. Shelli, WV

    You can see the bitterness coming from the Republican loss...

    November 5, 2008 03:10 pm at 3:10 pm |
  7. Shelli, WV

    You can see the bitterness coming from the Republican loss...

    November 5, 2008 03:10 pm at 3:10 pm |
  8. Kirk Kalvar

    After reading the comments below he must have been an idoit for wanting the job.

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

    If you're working right now, but lose your job, don't worry. President elect Obama will take care of you. Spread the wealth around. Translated, "YOUR CHECK IS IN THE MAIL."

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

    After reading some the posts, I realize that these repubs are vile!!! Didn't you hear McCain last night? He wanted the country to move forward under the leadership off Obama. So, please listen to him and stop the bitterness and lies.

    To those who voted for Obama:
    Please don't tawnt and poke at the losing ticket. It's unsportsmanlike. Just be proud that America finally has a chance to redeem herself.

    That ONE 08'

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

    McCain would have done better?

    Therealist: Obama will not take charge officially until 20 Jan..you know after the New Year. Miracles dont happen overnight. Just keep in mind. Bush/Cheney destroyed this country in eight years, it will take Obama and the Dems years and years to undo this mess. Go get a MBA before you speak on business and economics. Otherwise I have you trumped.

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

    Attention: You have just elected a President with a lawyer background.
    He carefully parsed his pitch to you, which you screamed as a rally cry.

    He did not say "Yes I CAN"......He said "Yes WE can....." and he means "I will force you to do what I tell you that you CAN do, or tax you silly".....the YOU is the one going to pay the price, not GET THE BENEFIT.

    CHANGE we Need is what he needs, and his party supporters, not YOU the PEOPLE.

    You have been weasel-worded, and bought it all.

    Good luck, and happy days!

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

    Also, you do all realize that the economy, while not exceptional, didn't start tanking until two years ago when the democratic party gained majority? So please explain that to be before you start with the "republicans are morons" stuff. Thank you.

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

    Honestly, the blame game isn't going to help anyone. It is going to take a lot to turn this economic juggernaut that Bush's govt. left us with around. And if McCain was elected he would be facing the same situations.

    Also I don't understand why people keep calling President-elect Obama as a messiah. I don't hear democrats saying that.

    All the hatred has to stop. It is time for unity and cooperation despite who you voted for!

    November 5, 2008 03:12 pm at 3:12 pm |
  15. Samantha in MI

    To Dennis:

    Michigan is in the crapper because the big 3 auto makers were greedy and refused to be innovative. You can thank all of the gas guzzling SUV drivers who purchased the vehicles that were so successful for those companies. Because of the success of SUVs, the big 3 refused to look to the future and be innovative about what might be coming next. So they made poor business decisions and because of their choices the American auto industry is suffering. Many of our manufacturing jobs in MI were directly related to the auto industry and with them doing poorly, the other companies are suffering. We've always been largely manufacturing here. So it's been a domino effect, not the result of a democratic governor. Educate yourself a little the next time you want to comment.

    The current governor of Michigan took over a government run by a Republican and has had to work on cleaning up his mess. "Liberal mismanagement" had very little, if anything, to do with it.

    November 5, 2008 03:12 pm at 3:12 pm |
  16. Patricia Hollis

    SAY WHATEVER YOU WILL, BUT THE BOTTOM LINE IS BARACK OBAMA IS THE PRESIDENT OF THE UNITED STATES!!!!! AND NOT BY SOME STOLEN 500 VOTES IN FLORIDA. THE THINKING POPULATION HAS SPOKEN. SUCK IT UP OR MOVE TO RUSSIA!!!!! YOU WILL STILL BE ABLE TO SEE ALASKA FROM YOUR FRONT YARD (LOL!!!!!)

    November 5, 2008 03:12 pm at 3:12 pm |
  17. IowaMom

    Dear lord some of you need to get a grip. The man has not even taken office yet. No one can say what's going to happen down the road. We don't have crystal balls. He has a huge mess on his hands that did not start over night. Of course it's going to take a while to fix. All this hate coming from some of you is disgusting. Did your parents teach you to be so hateful? This just might be the exact thing this country needs right now but some of you are just so jacked off that your guy didn't win that you are pouting. Get over it.

    November 5, 2008 03:12 pm at 3:12 pm |
  18. AL

    Bush made promises too!! Do you think he kept them!!

    November 5, 2008 03:13 pm at 3:13 pm |
  19. LIP

    Bush created 8 million jobs during his 8 years. Clinton lost jobs and unemployment was at a high. It will be an uphill battle if Obama raises taxes on the very people that create jobs...what is the incentive if you take home less after taxes.

    November 5, 2008 03:13 pm at 3:13 pm |
  20. Joe V.

    I've already been through it all; lost job, mounting debt, foreclosure; not enough food to eat; sick with no medical care; everything.

    I hope it doesn't happen to anyone else, but unfortunately it probably will. Regardless of who won the election, Americans are in for a tough ride. There's just too much inertia to turn this big ship around very quickly.

    Oh – and if your about to go over the economic waterfall, be forewarned about one thing. There will be plenty of people out there that are going to blame YOU for everything. That's right. Either you didn't work hard enough or study hard enough or you did something wrong to get you where you are. YOU alone are responsible for your situation. It's YOU who is flawed. Never mind the fact that the average person has little real power over the whole situation. Oh no – we can't blame all the big shots running the show. Why, that would mean there's a flaw in the system and the same thing might happen to any of us. No, it's just the little guy who is struggling. It's all his fault.

    November 5, 2008 03:14 pm at 3:14 pm |
  21. 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. Roosevelt FDR

    November 5, 2008 03:14 pm at 3:14 pm |
  22. Ruby

    be optimistic America!

    Obama won the race...amazingly priceless!

    November 5, 2008 03:14 pm at 3:14 pm |
  23. California Gold

    The burden handed to America by George W Bush will not disappear with a new President. There will be no miracle job generation nor will the economy become rosey. We as a nation have a huge job ahead of us. Thankfully we have elected leaders in Obama and Biden that have the intelligence, wisdom, and desire to get this country back on track.

    November 5, 2008 03:14 pm at 3:14 pm |
  24. hazzymoon

    well my other comment is waiting review and i guess i dont really have the freedom of free speech but any way i dont see how he can create jobs when most people want a large pay ck but dont want to wk for it companys will have to hire and pay un qualified workers or they will be shut down under this admendation,, i live in a small town and there arent too many good paying jobs here we are or suppose to get a engery cole plant which would have some good paying jobs but according to obama that will never happen,, you see he dont really want people to acutally wk for a living he wants to spread others hard earned cash to those who do nothing but stick out there hand for a larger ck.. so i will see if this is posted and if i still have free speech

    November 5, 2008 03:15 pm at 3:15 pm |
  25. Comrade nom deplume

    Senior economist at Wachovia theorized that companies may not hire until they know if Obama will turn Pelosi and the unions loose. I get asked constantly if there will be a flood of offshoring ahead of Obama's tax "penalties" for US companies with foreign operations.

    I have opined that any heavy-handedness will cause many multinationals to become foreign corporations with US subsidiaries, and that exports will virtually dry up from the scrapping of our trade treaties.

    I can tell you firsthand that capital (notably foreign but some domestic) has been fleeing the country.

    Lou Dobbs, Jack Cafferty, MSM, and the dems got what they wanted.

    November 5, 2008 03:15 pm at 3:15 pm |
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