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.

Click here to read the rest of the story


Filed under: Candidate Barack Obama • Economy
soundoff (389 Responses)
  1. ddamerica

    From this point forward, all the bad things in the world that happen are officially Obama's fault! What goes around comes around. It will be very difficult for him to ever run for office again with a true negative track record, no accomplishiments and the inability to lie about his future actions.

    November 5, 2008 02:22 pm at 2:22 pm |
  2. D. Williams

    Lee in Illinois, if skin color is not a factor, then why bring it up.. and far as I know, if you are a percentage black, on most census forms, you are considered black. Can't any of you short-sighted people realize this shows the world how much we as a country have grown? The status quo has killed the economy, why not give something/someone new a chance.. what we have hasn't worked.. I don't care how hard you naysayers campaign that its not about race.. thats all it could be about.. give the man a chance, and if he can't make a change, then in four years, we give someone else a shot. But he can't make things any worse.

    November 5, 2008 02:22 pm at 2:22 pm |
  3. Ken Sawyer

    The Liberal party is over.Let the taxes begin.

    November 5, 2008 02:22 pm at 2:22 pm |
  4. Concerned in MA

    Obama Supporters,

    Congratulations on your candidate's victory last evening.

    But you know something? There's such a thing as poor winners as well. This blog makes that blatently obvious.

    November 5, 2008 02:23 pm at 2:23 pm |
  5. J.P.

    I can't wait for 2012. Conservatives Unite!

    November 5, 2008 02:23 pm at 2:23 pm |
  6. NZ supporter

    Your hatred and pathetic thinking amazes me, you all obviously can't think out of your own needs. Obama is POWER remember his name because he will change the world and as for you negative dorks you will go with it wether you want to or NOT.

    November 5, 2008 02:23 pm at 2:23 pm |
  7. teacher85

    Karen, you go back and get educated as a teacher always proofread especially when referring to "you people".

    November 5, 2008 02:23 pm at 2:23 pm |
  8. Wen

    Carlos,

    We've endured 8 years of chaos, disaster and more under the Bush administration. Give Obama a chance, he represents hope, the hope that Bush took away. It's time for change!!!

    Lee in Illinois – with all the experience that Bush had, take a hard look at this nation's situation. Obama is your new president -live with it!!!

    November 5, 2008 02:23 pm at 2:23 pm |
  9. tjean

    Tony, NC November 5th, 2008 2:01 pm ET The senior writer for Money Magazine is recommending that we all sell our stocks that are not in a retirement account before the end of the year. Otherwise be hit by Obama's increase in capital gains next year. It's going to be a long year…

    Of course the senior writer would recommend that, because short term that might put you in the best situation, not knowing what the future may bring (risk mitigation). Obama's plan is a STRATEGY -giving up short term gains for long term success. So you can look at it two ways: take your money out now, when the stock market is rock bottom, and only pay 15% tax. Or wait until Clinton Economics are back in play, your stock goes back up th 60% it has lost, but then pay 30% tax. I think you are better off in the second scenario.

    November 5, 2008 02:24 pm at 2:24 pm |
  10. Dana

    Wow "Lee in Illinois" – you wondered if CNN would post your comment. I am glad they did, merely for your term "inexperianced".

    Our "experienced" politicians have gotten us, as citizens, into a big mess. I welcome the opportunity for a fresh face and new ideas to our country.

    Lee – you also reference the "black population". I am a white person that voted for our newly elected president.

    November 5, 2008 02:24 pm at 2:24 pm |
  11. David Lampo

    TJ says it's not time to point fingers, but then that's exactly what he does. TJ, what Bush policy exactly led to this economic crisis? I hear you Obama androids keep saying that but you never identify which policy it is. If you actually studied the causes of our currently financial crisis, you'd know it was the Democrats who block reform of government institutions like Fannie and Freddie, helping bring on this crisis. And it was Bush who tried to reform the system at least five years ago. Democrats, including Obama, stopped reform and therefore they bear most of the blame, not Bush and certainly not McCain. The truth does matter!

    November 5, 2008 02:24 pm at 2:24 pm |
  12. yeah-Im republican-SoWhat

    I havent visited Alaska, but I will now because I want to see how beautiful it is. I want to see people applaud Sara for being who she is and for being a real deal politician. A politician who I hope will hold her head up high after the chop job she got from the liberal news media who never told the truth, never told the complete story and never told Amercians what they might have needed to know to inform them which would have allowed them an independent opinion which might have have saved this country from being washed down the tubes. Oh well, only 4 yrs of loss if WWIII doesnt begin in the meantime. Im hopeful though today, this Obama win will give the Republican party time to finally rebuild enough to take back this nation. After we do in 4 years, I predict you wont have a Democrat in any office anywhere for 20 years.

    November 5, 2008 02:26 pm at 2:26 pm |
  13. Chip

    @Lee in Illinois says....

    I cannot understand why everyone is so quick to say he is African American. "

    Let's do the math, father was an African (a real one..you know, from Kenya) His mother was an American (a real one, you know, from Kansas, home of Dorthy and Toto)

    Add that up, African + American. Actually he's more of an "African-American" than nearly anyone I know claiming that title. Let's just say he's 'authentic'.

    Simple enough?

    November 5, 2008 02:26 pm at 2:26 pm |
  14. HOPE WINS FEAR LOST

    HAS ANY ONE HEARD FROM TEXAS TRAIL DOG? WHERE ARE YOU? OOHHH IS THIS WIN FOR OBAMA TOO MUCH FOR YOU? JUST ONE THING – OBAMA IS YOUR PRESIDENT TOO. HA HA HA!!!!

    November 5, 2008 02:26 pm at 2:26 pm |
  15. J.P.

    Please....you people are already making excuses for Obama. You....the same people wou wouldn't give Bush the benefit of the doubt and blamed him for everything under the sun. Hipocrits. You got what you wanted. Let's see what Mister hype can do.

    November 5, 2008 02:26 pm at 2:26 pm |
  16. Joe in NJ

    "Tax breaks should be given to hard working people. Not companies that make millions. They can afford that"

    No, they can't. When companies get taxed more, it cuts into their budgets and profit margins that were promised to the share holders. This results in employees being laid off to offset the additional tax expense. Otherwise, they don't meet their profit forecasts resulting in a drop in stock value which leads to more issues.

    November 5, 2008 02:26 pm at 2:26 pm |
  17. milkshake

    This is a sad time for the US.

    We now have an inexperianced 1/2 White, 1/2 Black man in the most important role of our nation.

    I cannot understand why everyone is so quick to say he is African American. He is equal parts of black and white. His white mother stood by him, hisblack father did not.

    Its not the color of his skin that I am upset with, but his lack of experiance.

    However the black population sees it differently.

    November 5, 2008 02:26 pm at 2:26 pm |
  18. deb in Colo

    Unfortunately, I don't think there's a quick fix to the jobs issues.

    1) We need the economy to start running forward again.
    2) We need American business to quit shipping jobs overseas to save a buck (talk about un-patriotic).
    3) We need the alternative fuel industry to get off the launching pad.

    November 5, 2008 02:26 pm at 2:26 pm |
  19. GINA, OHIO

    it wont happen overnite but it will! we have to undo 8 years of bad policies and leadership!! i think he has the vision and heart to make it happen!

    god speed obama

    November 5, 2008 02:26 pm at 2:26 pm |
  20. lawrence

    I want to comment to Lee. no matter if he is 1/2 whatever the situation at hand is on one day we but our differences aside and finally came together as the constitution describes. I believe it does not take expperience to care for your neighbor it takes heart. I believe in him not because he's black but because he cares lastley if you look around how many people in high position has either created jobs or had the experience. Lets be real no one will ever be experienced enough it takes your heart and mind to make the correct choice and let be real only 13% of the african american population voted other races of people voted for him also I dont know to many blacks that live in rural Iowa be real wake up dont wait to see what he will do he only insuring he will be ready to make sure thier is no road blocks

    November 5, 2008 02:26 pm at 2:26 pm |
  21. AL

    Patty L first off stop the run on sentences, very hard to read...

    The first mistake was voting in GWB and the second mistake was voting him in for the second time. John McCain can take a walk to the white house and personally thank his dear friend for his loss.
    Also did anyone notice this:
    NO major problems last night...
    The person that won the electoral count also won popular vote...
    Exit polls from the day were correct...
    AND we knew at 11:00 pm who the president was...
    Funny how the last 2 elections were loaded with problems, makes you wonder.

    November 5, 2008 02:26 pm at 2:26 pm |
  22. Mike

    It looks like congratualtions are in order:

    1. First...congratualtions President-elect Barack Obama.
    2. Congratualtions to Sen. John Mccain...you are a hero.
    3. Congratulations to the main stream media (cnn msnbc cbs abc)....you have finally through your propoganda and bias elected the candidate you wished to lead. Yes, you are risking millions of lives by serving your own self interest...but who cares about that.
    4. Finally, congratulations to Osama Bin Laden. In a mere 8 years, your war against a 200 year old institution known as capatilism has been won. Well, really, the american people surrendered. I don't know if you are still alive or where you are, but what can you say, you were right...us Americans have no resolve to fight.

    November 5, 2008 02:26 pm at 2:26 pm |
  23. Smallbusiness

    To "Ms. Jenny" and others,

    It's not a knee-jerk reaction, it's what needs to be done to operate a functioning business. When you are in charge of the welfare of other people, that is the day you should be critical. They are not just workers to me, they are family!

    But I guess you don't understand that in you clouded world of "change".

    November 5, 2008 02:26 pm at 2:26 pm |
  24. GINA, OHIO

    it wont happen overnite but it will! we have to undo 8 years of bad policies and leadership!! i think he has the vision and heart to make it happen!

    god speed obama

    November 5, 2008 02:27 pm at 2:27 pm |
  25. MichiganRocks

    I really cannot believe how bitter some people that call themselves Americans can be. This "If it's not my candidate let America crash so I can say I told you so" attitude is despicable. Grow Up!

    November 5, 2008 02:27 pm at 2:27 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16