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. James Clark

    My fear is that the truly rich will make sure their money is protected. My definition of truly rich are those who can afford to purchase yachts, sail around the world, own villas in Spain, etc. These folk are not going to let anyone increase their taxes to the point of losing a large amount of their fortunes. If the government begins to tax heavily at the very top down to whatever level they choose, these folk will move their money out of the country. They may move their companies, or at the very least shelter their fortune so taxes will not hurt them. Bush recognized this and made it profitable for the super rich and somewhat less to do business in the USA. If Obama attempts to draw more from these they will simply rebel to the point of retrenchment. Where does that leave the rest of us? Well, it leaves us ten trillion in debt, no social security, no jobs, no anything. I hope some economic genius is guiding our new president!

    November 5, 2008 03:35 pm at 3:35 pm |
  2. WELCOME TO THE OBAMA SHOW

    WHAT A JOKE!!!!!!!!!

    GO AHEAD OBAMA FANS HELP HIM!!!!!!!

    YOU VOTED FOR HIM!!!!!!!!!

    JUST WHAT THE COUNTRY NEEDS ON THE JOB TRAINING!!!!!

    November 5, 2008 03:36 pm at 3:36 pm |
  3. Vern

    It will be a struggle for everything...what else is new? As long the American people know that thsi mess we're in did not happen overnight & it sure won't be solved overnight. As Obama says, we all need to do our parts, government cannot & will not solve all our problems.

    November 5, 2008 03:36 pm at 3:36 pm |
  4. Jason

    I'm hoping that Obama can prove a lot of us Republicans wrong, but I still don't agree with what he is trying to do. I don't believe that redistribution of wealth is the way to go. I can look back through history all I want and I am sure I will never see when taxing businesses ever brought in more jobs. Its usually just the opposite.

    Like I said before I did vote for McCain, but since Obama is president I will support him until he pulls a Clinton.

    November 5, 2008 03:36 pm at 3:36 pm |
  5. mrindependent

    Mr. Shark,

    The point is: If you are unemployed there are jobs available in this country. They may not pay what you were making before but if times are tough work 2 jobs. Don't wait around for someone to hand money to you. If you don't have the skills necessary to land a good paying job...go back to school. There are plenty of reasonably priced community colleges and state schools, not to mention federal aid to help pay for it.. I am sick and tired of people whining about their pay or being unemployed. If you don't like something make it better. Improve yourself or be willing to make undesirable wages.

    November 5, 2008 03:37 pm at 3:37 pm |
  6. Harry, IL

    I am sure all big corporations will shift overseas which is a direct result of Obama's policy. God save our country.

    November 5, 2008 03:37 pm at 3:37 pm |
  7. SomePerspective

    Finally, this stupid election is over. Maybe now I can go back to my regularly scheduled life. It's hilarious and sad to watch people's hateful comments fly back and forth here. If someone doesn't agree with your political views, then they are "uninformed," a redneck, hateful, or any other number of things that you would never know because you don't even know that person. Can we not separate political views from the person? I have some brilliant co-workers who happen to support the party that I don't. Perhaps their political views come about because of different experiences and opinions, and not from a lack of education or IQ? Trust me, there are plenty of brilliant and stupid people to go around on both sides.

    It's also funny that the winners always want to end the partisan bickering now and work together. Sure, the majority will be united with you as long as you agree with them. But of course the party in the minority will always play the spoilers.

    Please wake up and realize that we are all human beings here and are ultimately on the same side. And for the most part, we are very similar regardless of the party we choose to vote for. It's not a matter of good vs. evil, right vs. wrong, educated vs. uneducated - just a difference in political opinions. Please start treating people as people and not party affiliations. Now, I'd like to get back to enjoying my football without political candidates invading the halftime show.

    November 5, 2008 03:37 pm at 3:37 pm |
  8. Dana

    It may take several presidential administrations to clear up the disasters that have occurred within the past 8 years. But I think our newly-elected president will rise to the task and raise American citizens up with him.

    I think yesterday was tremendous, not merely in historical terms, but our citizens decided it was time to take back our country and make it right again.

    By the way "AK" thanks for your shoutout!

    Dana in TN.

    November 5, 2008 03:38 pm at 3:38 pm |
  9. Mickie

    It's so great that all of us have freedom of speech and such a shame that so many don't think before hand. Bush has cost more jobs, ran up higher deficits and taken away more civil rights than any president before and yet people are prejudging President Elect Obama before they even see what he does. Not like anybody could quickly fix all the damage Bush and his neocons have done in the past 8 years.

    November 5, 2008 03:38 pm at 3:38 pm |
  10. Ricky

    Not only will it be hard to create jobs, but after a very long eight years of Bush destroying most of what made America great & a financial super power, Obama will find it very hard to get all of Bush's disasters back on track.
    With that being said, Obama / Biden was the correct choice to turn around this enormous mess they will inherit.
    Yes We Can...........

    November 5, 2008 03:38 pm at 3:38 pm |
  11. ANGIE

    He Hasnt Even been Sworn in Yet and your Bashing him Already, President Obama is Walking into a huge Mess 2 wars, The Economy the worst Since the Depression, thats More then what some Presidents have had on their plate STOP THE BASHING AT LEAST WAIT UNTIL HIS 6-12 MONTHS IN!! jeeeeezzzzzzzzz Some people are Amazing!

    November 5, 2008 03:39 pm at 3:39 pm |
  12. Jenny Ogrodnik-Rothschild

    As an Inmigrant , objective an citizen of USA. I 'm so sad about all comments of USA people. The "white", the "Blacks",the " Indep.".., the "Republicans, the Democ..." are a bunch of ignorants.
    Check History of the world
    Stop spending in garbage
    Go to school and college
    Start respect the rest of the world
    Learn how to love your country
    Try to understnd a little more about others
    Change the "Democratic" system to elect a president.
    Stop talking and do real stuff.
    God Bless the world and humans.

    November 5, 2008 03:40 pm at 3:40 pm |
  13. Kary in CA

    Betty the Beuatician-
    Your'e comments were among the most intelligent and accurate I've read.
    Americans, stop whining / bashing just for the sake of doing so. Your behavior shows a big reason why we are looked down apon by non-americans. Grow up.
    Sometimes facts are facts, that doesn't make it bigited bashing!

    Karen from Detroit; great point! Those people I am sure got off thier butts and voted for O, since they percieve a free ride ahead!

    From: not excited to become Socialist-

    November 5, 2008 03:40 pm at 3:40 pm |
  14. Robert

    Does anyone find it ironic that the stock market dropped 400 points today on the Dow...is this the Wall Street reaction to the Election? How can we create more jobs when the economy starts spiraling out of control?

    Reading worldwide news, it shows all major markets (with the exception of the Nikkei) have slipped today. Are investors signaling their confidence in our new President? Something to think about...

    Obama wins the election and inherits a HUGE financial crisis, which will test him...good luck Obama, you'll need it.

    November 5, 2008 03:40 pm at 3:40 pm |
  15. Ms. L in KY

    To all the Nay-sayers and HATERS basically the "IGNORANT ONES" grow up the rest of the country has!! You are making it a racial issue when it should be an human-race issue. Obama is looking out for mankind as a whole not just a man of a certain kind! Deal with it! We've had to for the past 8 years!!!

    November 5, 2008 03:41 pm at 3:41 pm |
  16. Jerry

    AMERICA...FIGHT GET UP AND FIGHT AMERICA...FIGHT FOR BARACK OBAMA...OUR NEWLY ELECTED PRESIDENT. DON'T NOT, I REPEAT...DO NOT RESIST YOUR OBLIGATION TO YOUR COUNRTY CALLS. YOUNG, OLD, WHITE, BLACK, ASIAN, LATINO, RED, BLUE, PINK GREEN...WAKE UP AND FIGHT FOR YOUR NATION. GOD BLESS OUR CHANGE...THANK YOU O LORD!

    November 5, 2008 03:42 pm at 3:42 pm |
  17. J

    educated black girl, i find it funnyt that you feel you need to justify yourself

    November 5, 2008 03:44 pm at 3:44 pm |
  18. DeVone

    negitiveity is a down fall, President Elect Barack Obama is a man
    of inteligance and integraty and I beleave he had it all worked
    out before he even told the world he whuld be running for
    president unfortunitly American don't realize A SMART BLACK MAN
    IS A VERY SMART MAN AND THIS MAN WILL NOT MAKE A FOOL
    OF HIM SELF OR THE PEOPLE WHO WILL BE WORKING WITH HIM
    so let us not be STUPID GIVE PEACE A CHANCE

    November 5, 2008 03:44 pm at 3:44 pm |
  19. JR

    I think obama rocks. you got my vote yes we can .go obama

    November 5, 2008 03:45 pm at 3:45 pm |
  20. walleye

    All these reports about the biased media are probably true. Look at FOX the most biased bunch of morons yelling and screaming at the top of their lungs (Hannity, Limbarf, Oh my Riley) and they still could not get their message across. Why- because the people were smarter then the media thought. They made the right decision and chose the right man. It will not be easy because he will have to undo 8 years of ineptitude and mismanagement, but it will get done. I had tears running down my face last night while listening to Obama, give one of the most inspiring speeches by any politician. I am so proud of my country this morning for putting racial issues aside and voting for the change that is needed.

    November 5, 2008 03:45 pm at 3:45 pm |
  21. Noah

    A landslide? He won by 7 million popular votes. 47% of the country did not vote for him. A true landslide is Ronald reagan in 1984 winning 49 of 50 states. This is not even a mandate. This was a rejection of George Bush and Republicans, not of conservatism. John McCain is not a conservative and he never has been. Conservative initiatives were on the ballots of 5 different states last night and all 5 of those initiatives were voted for by American citizens. Conservatism was not on the Presidential ballot last night, therefore it could not have been rejected. America is still a center-right nation. As evidence just look at Obama's campaign: he moved from the far left to the center right because he knew he had to in order to win: he promised less abortions, lower taxes, 2nd amendment rights to continue, pro-military actions in Pakistan if we need to, promised to keep the troops in Iraq through 2010 or 2011, etc... all conservative ideologies!!!

    November 5, 2008 03:46 pm at 3:46 pm |
  22. Jason

    The one thing I hated the most about this election was the race card. When I hear people say i am voting for McCain cause hes white, or Obama because he is black it makes me mad because people are missing the point. The color of someones skin doesnt make them any less qualified to be the president. Also to all those who think that all blacks voted for Obama only your stupid...GROW UP. To those who think a white person is racist because he didnt vote for Obama your stupid also. This country really just needs to grow up and start working together before we end up being a country at war with itself.

    November 5, 2008 03:46 pm at 3:46 pm |
  23. Jerry

    all we wanted were an acre and a mule....50 states and the white house? we'll take it!

    November 5, 2008 03:47 pm at 3:47 pm |
  24. Tim

    Great, start lowering the expectations before he even takes office. He said he had a plan, so let's see it and judge it.

    November 5, 2008 03:49 pm at 3:49 pm |
  25. WELCOME TO THE OBAMA SHOW

    WHAT IS HE GOING TO DO WHEN A SERIOUS DECISION NEEDS TO BE MADE!!!!!!!!

    I KNOW HE WILL VOTE PRESENT THEN ASK BIDEN FOR HELP!!!!

    WHAT A JOKE!!!!!!!!!!!!!!

    WOW OBAMA SUPPORTERS YOU DID GOOD!!!!

    IF SOMEONE WILL WRITE HIM A SPEECH HE CAN JUMP UP ON STAGE AND HE WILL PREACH IT TO YOU!!!!!!!!!

    THIS IS JUST BEGINNING AND ITS ONLY 1 DAY AFTER THE ELECTION.

    November 5, 2008 03:52 pm at 3:52 pm |
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