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. 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 02:27 pm at 2:27 pm |
  2. Arvin Seluka

    8 years of worng decisions...people have given a chance 2 Obama. Lets see what he does...the catch ...he has to prove in 4 years..else..the same current hype of a black man becomming a persident will turn otherwise...

    November 5, 2008 02:27 pm at 2:27 pm |
  3. D. Williams

    Patty L, You don't think the war was the biggest mistake in American history?

    November 5, 2008 02:27 pm at 2:27 pm |
  4. big T

    the president of the united states role does not include creating jobs...please????

    November 5, 2008 02:27 pm at 2:27 pm |
  5. teacher85

    Shara,

    CNN is an excellent informative network if you did no like what you heard on cnn last night, my advise to use is to watch Fox News.

    November 5, 2008 02:28 pm at 2:28 pm |
  6. John

    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 02:28 pm at 2:28 pm |
  7. Saraj106

    Is everyone in this country asleep?? I've just lost my of 28 years in September......whose going to find me another job? I am appalled at this country to vote someoe in with literally no experience whatsoever. The economy is a major issue here and Obama is not the one to fix it. Maybe all of you will look back in the next four years and say I wish I hadn't voted for that man............

    November 5, 2008 02:28 pm at 2:28 pm |
  8. kdub

    To: Patty L
    You are wrong to criticize president elect Obama, cause anyone can see the worst mistake america made was putting George Bush in office! So don't let your emotions get the best of you casue america is changing for the best not the worst. Please tell all your conservative republicans to get with the times. Never fault black people for voting for barack obama cause black people did not win him the election alot white people won him the election...

    November 5, 2008 02:28 pm at 2:28 pm |
  9. dittohead with forty names

    I hope he can find me a job.My parents just kicked me out of the cellar and my job as a Rush Limbaugh hate blogger seems over.

    November 5, 2008 02:29 pm at 2:29 pm |
  10. gregory

    Hey Mike in Cleveland, and all the others who think this finanacial fallout started a couple of months ago....have you been living under a rock??? This has been coming for some time now and I personally dont think we have seen the worst of it yet. That being said, what does everyone think it is going to cost us in order to build all these jobs?? I believe the figure had McCain won nation defict would have been 17 trillion, and with Obama its going to be 10 trillion....Who is going to pay for that?? Our grandchildrens grandchildren

    November 5, 2008 02:29 pm at 2:29 pm |
  11. Literate Person

    At least he has the experience to spell experience correctly.

    November 5, 2008 02:29 pm at 2:29 pm |
  12. Felicia

    I really just don't understand why white people got too be so hateful, Why do you always think it got to be about you, well it's not it's about everyone. Yes i am an AA and proud of it. Haven't you had enough of acting ugly ,get over it it's our time to shine . You all know good and well we've been working towards this kind of change for centuries. Can't we all just get along. I don't hate white people my heart want let me. But i can tell you this. (SAY IT LOUD WERE BLACK AND WERE PROUD)FIGHT THE POWER.

    November 5, 2008 02:29 pm at 2:29 pm |
  13. andy

    Losing jobs, darkening economy due to unreasonable and unfair tax hikes, rediculous fairy tales about "universal health care," abandoning our commitments overseas, take what I have earned and give it away as a tax rebate to those who pay no taxes to begin with, putting someone in the whitehouse who has never worked a day in his life.

    Now, that is change we can believe in.

    November 5, 2008 02:29 pm at 2:29 pm |
  14. Brendan H., San Antonio, TX

    And, of course, big business is in the pockets of the GOP, so expect them to "fully cooperate" in creating new jobs in order to enhance Obama's chances of re-election in 2012! In order to regain the White House, it wouldn't surprise me if they trash the economy further in order to get the White House back, and if Karl Rove begins to emerge in two years, then you can fear his tactics along with big business, too!!!

    November 5, 2008 02:30 pm at 2:30 pm |
  15. Alex

    Government can not create jobs!!!
    They only create bureaucracy!!!!!!!!!!!!!!

    November 5, 2008 02:30 pm at 2:30 pm |
  16. Doug in New Mexico

    Jobs have been lost because they have gone overseas and because of slowdowns in the economy. Frankly there has been far to much greed in corporate America trying to squeeze every penny into huge profits. If they could figure out that moderation would benefit everybody maybe we could get somewhere.

    November 5, 2008 02:31 pm at 2:31 pm |
  17. JC

    Wow, Patty. That's an incredible amount of hate you just spewed. I can't believe I share the same country as someone like you. That makes me sad.

    November 5, 2008 02:31 pm at 2:31 pm |
  18. Snouf

    We are doomed!

    November 5, 2008 02:31 pm at 2:31 pm |
  19. Mr. Joshua

    Barack Obama = Jimmy Carter 2.0

    Yeah, I said it.. what?

    November 5, 2008 02:32 pm at 2:32 pm |
  20. Voice Of Reason, Oklahoma

    Whether Obama/Biden keep their promises or not is not important to me. What is important is that fact that Obama is a critical thinker and he will discuss with his advisors , analyze information, get facts before making decisions.

    Its time we got a President who the world can view as intelligent. Intelligent people make intelligent decisions most of the times. That is better than making wrong decisions all the time.

    Finally his consultative approach to problem solving trumps "I am the decider"

    I agree he may have a flaw here and there or make mistakes. But boy I guarantee you they will not be anywhere close to a wrong war, broken economy, lost jobs, mortgage crisis etc.

    Be glad that someone intelligent is in office to help fix that before we are at 20% unemployment at the rate we are going.

    November 5, 2008 02:33 pm at 2:33 pm |
  21. Canadian Mike

    your all worried about Obama's Taxs..yet your all forgetting the mess that Bush has made to the U.S.A and Canada..Remember your not the only country in trouble..whatever happens in your country affects mine as well..I can not believe your country stood for 8 yrs of BUSH.

    November 5, 2008 02:33 pm at 2:33 pm |
  22. Tyson905

    You are a hater just get over it YOU LOSER..............

    November 5, 2008 02:33 pm at 2:33 pm |
  23. Dave

    On the Neil Cuvota show last night a woman said she voted for Obama and now she won't have to pay her mortgage anymore and will be getting a monthly check from the government. This is probably what all the Obama voters think!

    November 5, 2008 02:33 pm at 2:33 pm |
  24. Hase

    Boo-hoo. Why don't you right-wing dummies take McCain, move to Alaska, implement the McBush/Palin policies, and live happily ever after far away from the rest of us.

    Lesson from yesterday: American people are much smarter than they were 8 years ago. No more uneducated "regular Joes" in the White House.

    It's a beautiful day in Chicago!

    November 5, 2008 02:34 pm at 2:34 pm |
  25. Bill

    Republicans are so uninformed it is scary. the lies they spew here makes me happy that their hatred has been defeated soundly and publicly.

    November 5, 2008 02:34 pm at 2:34 pm |
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