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. Paul

    Tre'
    The reason you do not have a job is because you are poorly educated and do not have an adequate understanding of english grammar. You will continue to have problems securing employment no matter who is in office. People like you are constantly looking for handouts rather than working hard to earn an honest living. What is your opinion of Obama going to be in a year when you realize that your situation has not changed? Also, why do you continue to have children if you can not afford them. Oh yes, because you get a tax credit and qualify for more handouts.

    November 5, 2008 03:23 pm at 3:23 pm |
  2. TJ Johnson

    In order to provide more jobs, Obama will create his Gestapo, which he called his civilian army. We will soon see what this man is truly about, the downfall of the USA as a democracy.

    November 5, 2008 03:24 pm at 3:24 pm |
  3. Truth Hurts

    How long until the Obama administration pays back the American People with a deficit so large that we will never be able to dig ourselves out?

    How large will it be, 1, 2, 60 trillion dollars? How much will Obama Administration cost the American People

    November 5, 2008 03:24 pm at 3:24 pm |
  4. Julie

    you call yourself americans how can you say bad things about obama when you dont even give him a chance . i think the man we have in office now is the one you should be mad at. look how he screwed the ecconomy up .i am proud to have obama as presidenti think he will do good.you republicans much enjoy our money going in your pockets . i am tired of it going in your pockets it time for change. americans need to stand togetherlet help him out as much as possible. in my opinion you republicans need help to understand what americans really means. are we children again in school you all sound like it .you all whine worst then a two yearold grow up . face it the best man won . would you be talking bad about obama if he was white . and you call your selfs americans.

    November 5, 2008 03:25 pm at 3:25 pm |
  5. True Change

    J, you are so truly sad and racist. Obama wasn't elected because he was black. He was elected because he really gets it. It has nothing to do with partisanship either. Bottom line, he won by a landslide which means the majority of American citizens agree with him. You may as well get over your white supremacy and recognize that blacks are here to stay and we are as capable as you. No better, no worse. Equal.

    November 5, 2008 03:25 pm at 3:25 pm |
  6. Another grumpy old white woman for Obama

    Dear GOP whiners,
    YOU put Bush in the drivers seat not once but twice! YOU are responsible for the current state of our country! YOU promoted an unnecessary and cruel war on a country which was not in any way shape or form responsible for 911. YOU have caused a bankrupt economy with your greed and worship of money and oil. YOU have caused the deaths of over 4000 of our children and untold thousands of deaths of innocent Iraqi men, women and children. YOU have sold your childrens future and burdened them with debts to China and Saudi Arabia which will take generations to repay.
    YOU are costing America 10 million dollars a day for a war waged on lies and reparations for that error.

    November 5, 2008 03:26 pm at 3:26 pm |
  7. Comrade nom deplume

    "I've heard numerous people in my area (Detroit) saying how happy they are that they no longer have to work, pay bills or their mortgages."

    Isn't that the way things have been in Det-riot for years???

    November 5, 2008 03:27 pm at 3:27 pm |
  8. Educated Black Girl

    hatred and bullying is why Mccain lost

    and as a human being being an ignorant person filled with so much hatred you lose most of all.

    November 5, 2008 03:27 pm at 3:27 pm |
  9. Chulo

    Even if McCain was elected president, he would have a hard time creating jobs also. Since it was the last 8 years of "the other guy" allowing this economy to get so bad. AND BOO WHOOOOO rich people get a slight tax increase. They make so much money they don't need toilet paper to wipe, they just reach into their wallet and grab a Ben Franklin. The economic mess we have now took 8 years to create, and it will require countless effort to put a DENT into providing us with a suitable resoulution. Give Obama the chance...

    November 5, 2008 03:27 pm at 3:27 pm |
  10. KLEE

    I pray to high heaven that Barack Obama can get this put right to shut up all the sore losers – give the man a chance – all you could do before the election was tear down & you are still doing it.

    November 5, 2008 03:27 pm at 3:27 pm |
  11. dar

    HE IS MY PRESIDENT, IN MY COUNTRY. I WILL SUPPORT HIM EXPECIALLY TO ANYONE WHO BAD MOUTHS HIM.

    K- relax, this is the day after the Election, give everyone to digest. And pray he can do his job as he plans.

    November 5, 2008 03:28 pm at 3:28 pm |
  12. Peter (CA)

    Do you guys pay attention or just listen to Rush?

    Democrats have had Congress for less than 2 years. And they are at 49-49 in the Senate. Bush vetoes what they submit to him because he still knows best.
    The state of this country currently has been in the works for years. Clinton made some mistakes in some of the bills he signed (I still think NAFTA was a bad idea) but the Bushies accelerated the problems. We had an economy that was off track and his solution was to cut taxes to the rich. He had negative job growth his first term (and with the meltdown he will have negative job growth his second), he had 2 wars to pay for, he borrowed heavily from China as they flooded our markets, our manufacturing is gone, and yet he got all pumped up about "record home ownership" under his administration. The bubble was there, you did not have to have a Harvard MBA to see it (and since Bush has one, apparently it did not help either). The Democrats get some blame but this is mostly the result of Republicans still thinking "trickle down" will work. It doesn't....jobs still go overseas because CEOs only worry about their own bloated pay and stock prices.
    So, give the man a chance to right the ship. It will take some time to fix this mess.

    November 5, 2008 03:28 pm at 3:28 pm |
  13. Kathy

    He can't create jobs. Who's he kidding now? Small businesses will struggle to stay afloat and big businesses will leave the country. Watch and see. He is going to ruin America.

    November 5, 2008 03:28 pm at 3:28 pm |
  14. dar

    we are not done with BUSHENOMICS, now let's see how we do with Obaminomics.

    November 5, 2008 03:29 pm at 3:29 pm |
  15. KLEE

    I live in the South (red meat states) and voted OBAMA – I can see for myself how people want so bad to hold others down – if not by intimidation by neglect -and ignorance.

    November 5, 2008 03:30 pm at 3:30 pm |
  16. Hugh coldwar vet ~ California

    "Those who cannot learn from history are doomed to repeat it."

    George Bush and–believe it–Herbert Hoover had the same ideas when it came to the economy. Both of them had stockmarket crashes on their watch. Obama's tax plan is one way to create new jobs. How? Right now the majority of Americans can only afford to buy the necessities, that means they cannot buy anything else–and forget about credit, easy credit days are over. The cause and effect is more lost jobs. Simple answer, if you have more, you spend more, that spending increases production which results in new jobs.

    November 5, 2008 03:30 pm at 3:30 pm |
  17. Glennis, PA

    If he tries to implement his ill conceived agenda, no one will have jobs. Except for government workers. That bloc will increase.

    November 5, 2008 03:30 pm at 3:30 pm |
  18. Joshua

    dar..

    oh wait..

    Pres GW Bush had military experience lol..look how that worked out for us.

    November 5, 2008 03:30 pm at 3:30 pm |
  19. florida businessman

    For John:

    You give the Prof. a hard time about grammer and you write this:
    "Pls find the verb in the following sentence… I am beating a chalk duster on top of you thick skull."

    It would be "your" thick skull.

    November 5, 2008 03:31 pm at 3:31 pm |
  20. common sense

    I find the reaction we get from the anti obamas hilarious. Sounds like you all are running the McCain campaign. Let's criticize Obama instead of addressing how to fix the issues. That is why we need a person like Obama (Dem or Rep). Someone who knows that progess is made through action, not through complaining. We have had years of selfish, greedy, screw the working joe politicians running the country. Look at where it has gotten us. Now people want to complain because America spoke, said they've had enough, and elected someone who wants to do it differently. That's just silly, that's just crazy. Remember, a wise person once said the definition of crazy is doing the same thing over and over again expecting a different outcome. McCain winning would have been more of the same. If you for one minute think the outcome would be any different, you're crazy!

    November 5, 2008 03:31 pm at 3:31 pm |
  21. J

    Paul you are so right!!!!!!!!!!!!!!!!!!

    November 5, 2008 03:31 pm at 3:31 pm |
  22. Kam

    To all of those who are already saying this country is doomed due to the election of Obama. NEWS FLASH the Republicans held the white house for the last eight years, and although Democrats have had power in congress the last two years that does nothing when the president can veto all of your legislation. Secondly, nothing happens overnight, once Obama is sworn in as President in January it will take time for things to improve, there probably will be more jobs lost, things will probably get worse before they get better. However if Obama is even able to create one job during his first term it should be taken as a success because right now we are in economic turmoil and it will take several years to get out of it. I guess the point of all of this is accept that Obama will be our next president and embrace the fact that things can only get better, especially since we will be saving $10 billion dollars a month once the Iraq war is concluded, and that should have been reason enough to have voted for Obama, as 60+ million of us did last night.

    November 5, 2008 03:31 pm at 3:31 pm |
  23. Barack the Vote

    OMG! I can not be the absolute ignorance I am reading on this board. Looks like we have a lot of angry individuals, most of which not only sound totally ignorant by their own doing but totally out of touch with reality.

    YOU HAVE A NEW PRESIDENT! GET OVER IT. STOP TRYING TO DIVIDE AND TRY TO UNITE

    November 5, 2008 03:33 pm at 3:33 pm |
  24. hazzymoon

    i will never call obama my president he has a forged birth record he is not a american citizen now i waiting to see if this is good enouch to be posted i mean after all our freedom of speech is gone as we knew it

    November 5, 2008 03:34 pm at 3:34 pm |
  25. Barack the Vote

    HERE'S ANOTHER THOUGHT FOR ALL YOU INDIVIDUALS WHO ARE ALREADY BASHING YOUR NEW COMMANDER-IN-CHIEF..... GUESS WHAT, WE HAD AN ELECTION YESTERDAY AND YOUR CANDIDATE DIDN'T WIN. DEAL WITH IT!

    November 5, 2008 03:34 pm at 3:34 pm |
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