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. First Address

    New administration may not CORRECT the state of economy in a year , or in one term. They will need 3 or 4 terms to overhaul Washington and dirty politics.

    Lets change the rules of the game when Congress and Senate meet after lame-duck session.

    November 5, 2008 03:16 pm at 3:16 pm |
  2. Peter (CA)

    Obama is going to have a hard time...

    Just look at the hate on these blogs for a man who proved his mettle in becoming President. He has not even gotten in and you have all these right wingers foaming at the mouth about what Obama MIGHT do instead of being angry about what Bush and his henchmen HAVE done.

    November 5, 2008 03:16 pm at 3:16 pm |
  3. ohwell

    The only good thing that comes from Obama winning is that at least now blacks have no more excuses. I no longer have to hear the whining and complaining that they are oppressed and don't have the same opportunities as whites. Yes, we now have a black man as president. That means that we need to stop hiring blacks over whites just to fill quotas and stop giving huge grants to blacks for college just because of the color of their skin.

    November 5, 2008 03:16 pm at 3:16 pm |
  4. So happy!

    WOOOOOOHOOOOOO!

    OBAMA 08. I love to see the GOP and the uneducated sheep squirm. Bye Bye Republicans...

    November 5, 2008 03:16 pm at 3:16 pm |
  5. Noah

    The country is not left. It is not even center-left. it is still center-right. America electing Obama does not signal a move to the Left. In fact, Obama made his campaign more moderate and more right in order to win this election. He talked about wanting less abortions, lowering taxes, maintaining the 2nd amendment and gun rights, staying in Iraq for 2 more years, moving into Pakistan if the terrorists are within our sight, pro- military, etc. It was the only way he could be elected. America never would have elected him if he had stuck to his real, far left radical views. So it just proves America is still center-right

    November 5, 2008 03:16 pm at 3:16 pm |
  6. RUFUS

    Obama has ONLY one way to create immediate jobs....NO OTHER.
    He has to deport the illegals and give the JOBS to Americans. No other choice can have the immediate impact. It is NOT WHAT HE WANTS to do....but there are NO OTHER immediate jobs for the unskilled and low income folks to get. And Americans WILL DO those jobs, other than agricultural pickers, who are seasonal only anyway.

    So, sending the illegals home through exployer fines and ID management will HAVE TO HAPPEN immediately for him to have any affect at ALL on the job market. He CANNOT force jobs to RETURN from overseas without violating the Constitution....or driving the corporations to other countries.

    He created his own nest, now he has to feather it from his own tailfeathers.

    And America will be better off in the LONG RUN.

    Mexico and South America will be forced to address their OWN economic problems, or face civil insurrection. That is their problem.

    Yes we can...toss out the illegals immediately and create jobs!!

    November 5, 2008 03:17 pm at 3:17 pm |
  7. Comrade nom deplume

    To Party Pooper:

    Yes. Its called business planning.

    November 5, 2008 03:17 pm at 3:17 pm |
  8. Jamie Phoenix

    Now is the time to see if Obama's promise is true or just Liberal Politics as usual. Will he really be a revolutionist or a left wing Bush?

    November 5, 2008 03:17 pm at 3:17 pm |
  9. Military

    Man. You Repubs are so angry. How come? Haha

    November 5, 2008 03:18 pm at 3:18 pm |
  10. Truth Hurts

    Obama can do nothing to create jobs. If he starts trying to turn the government into a job creation machine, America will be even worse off, even sooner than if he did nothing.

    Obama will try to survive his first term, which he probably wont, because the economy has been wrecked courtesy of the Clinton years and the deregulation that Clinton oversaw.

    Obama will be a 4 year president, at best. Buyers remorse for America, here we come!

    November 5, 2008 03:18 pm at 3:18 pm |
  11. k

    Tom Bugee what kind of name is that you sound very racist right now . If you want to go there stop shotting up school's , white people are very good at taking other innocent people lives and then there own. You sound like u hav a problem get help befor it gets worse ! lol

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

    My new puppy could have run the White House better than the GOP.

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

    Ok, Carlos, Why don't you tell us and PRESIDENT ELECT Obama how hard it is to create jobs. I'm sure that you created so many during your term in office. Of course, you as a Carlos surely must know more about government than he would as a former senator.

    November 5, 2008 03:19 pm at 3:19 pm |
  14. D. Williams

    Mr. BerFall, again, how can you plan on job cuts before a new tax plan is even proposed? That doesn't make any sense.

    Dennis, why are people STILL insisting that we are going to be paying higher taxes? Trust me when I tell you, any company shipping jobs overseas doesn't care about a moderate tax increase here in the states, they are doing so because labor is cheaper overseas and they don't care about the American citizens who will be out of a job.. if it saves us $1, then lets do it.. I work for one of the biggest companies in the world, this economy hasn't affected our profits at all as we are constantly buying out other companies.. but my company has shipped several departments overseas because it will save them a dollar or two over several years.

    November 5, 2008 03:19 pm at 3:19 pm |
  15. Noah

    Bush never destoryed this country. He kept us safe for 7 years. How many of us would have thought on September 12, 2001 that we would not be attacked again for at least 7 years? We all thought we would be attacked again that year! Bush kept us safe. He also liberated almost 50 million in the Middle East. He cut our taxes and we enjoyed a RECORD 55 straight months of economic growth. It was not until the Dems took over the majority of Congress that the economy turned south.

    November 5, 2008 03:19 pm at 3:19 pm |
  16. J

    wow, our founding fathers will be rolling over in their graves...

    November 5, 2008 03:21 pm at 3:21 pm |
  17. Holley in GA

    Some people just never learn. Why, for once in the countries history can't all americans; black, white, yellow or green come together for one common purpose. Look we all know this country has it's issues, with the economic crisis and two wars. Why are we making it worse by bickering and argueing with each other. Please people we all need to grow up a little and realize that even if McCain would have won he would be facing the same issues. Obama won because he is a man of honor and dignity and has better plans for our country than McCain/Palin did. All McCain/Pailin wanted to to was divide this country with their hate and disrespect. I guess some of you bought into that and that is really sad. Everyone come together for your new President of the UNITED States of America, Barack Obama. Stop spending so much time hating. There are more important things to do with your life than hate.

    November 5, 2008 03:21 pm at 3:21 pm |
  18. Truth Hurts

    How long until Nancy Pelosi and Harry Reid try to take control of the Obama agenda?

    Obama will only be allowed to do so much by the Democratic Party.

    November 5, 2008 03:21 pm at 3:21 pm |
  19. KLEE

    World issues ARE American issues.......get it!!

    November 5, 2008 03:21 pm at 3:21 pm |
  20. Wildroot

    A small aircraft company in Kerrville Tx. today laid off their entire work force and are moving the operation to China. They've been struggling with the already high taxes they pay and have been ready to make this move if Obama won. They can't afford to pay higher taxes. 300 jobs lost in this town of 20,000. Now they'll pay NO taxes and will flourish!

    November 5, 2008 03:22 pm at 3:22 pm |
  21. Linda from Prescott AZ

    Obama will start change that america needs, including getting us out of this financial mess and loss of jobs.,

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

    This says it all..

    McCains crowd boo'd and shouted vile words last night as McCain conceided.

    Obama mentioned McCain and the crowd clapped.

    November 5, 2008 03:22 pm at 3:22 pm |
  23. Justin, Buffalo, NY

    Lets everyone just settle down and realize that no matter what happened last night there were going to be angry people today. Only one man was going to win. I'm amazed that any republican saw last night as a shock since nearly every honest political analyst has predicted this for several weeks with many knowing a year ago that any repub candidate had an uphill battle thanks for Pres. Bush's dismal approval ratings. Next point, Dems lets act like adults here and not be sore winners. Telling Repubs to basically take a hike flies in the face of what Sen. Obama has been preaching all along and you've been reciting. Repubs, lets at least give the man a chance before claiming he'll be the worst thing this country has ever seen. After all you all sang GW's praises a little over 8 years ago and look what became of him. The fact is not a darn one of us, including Barack himself knows how good or bad he's going to be until he's knee deep in the countries problems.

    November 5, 2008 03:23 pm at 3:23 pm |
  24. Mike

    wow....people are making excuses for President Obama's failures already?

    November 5, 2008 03:23 pm at 3:23 pm |
  25. Rob

    "Why we be strugglin fo da jobs! Let's jus take dem from whitey! He's been oppressin us fo dun now years n years. We be fittin ta take dem jobs"

    -Excerpt from Jesse Jackson: A Treatise for Job Action, available at Trinity Church, Chicago, IL. A signed copy sits on Barry's nightstand.

    November 5, 2008 03:23 pm at 3:23 pm |
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