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. Barb in IL

    Obama will do for the United States the same as he did for Illinois.....
    NOTHING since he was never there

    November 5, 2008 02:38 pm at 2:38 pm |
  2. mills

    Fact is that the economy is a snow ball effect. We have been losing manufacturing jobs since bush took office he dosent deny that! Matter of fact I think he is proud of it. Those people who argue against spreading wealth rnt worried about paying there light bill or there employees. They r worried they won't b able to expand their companies bc they have enough money left over after they buy a fourth house in arizona or another bmw 4 their 16 year old daughter! The american people have spoken and trickle down economics work with honest hard working americans its too bad that some greedy americans only invest in themselves! We r sick of wall street bail outs. Bail out companies that provide good paying jobs to hard working americans. Then we will get the economy going again like in 94-98 when had somebody who cared about a strong middle.

    November 5, 2008 02:38 pm at 2:38 pm |
  3. Patty L

    Honestly its not hate JC if he had morals and values then more power to him I'm just speaking the truth, and D Williams come on now nobody wants war but lets be real are we suppose to just sit back and let them do whatever they want to us and not have to answer for it, if we did that we would be in trouble as you and the rest of us will probably see, to bad it won't be out in the open for us to see in time to stop it, it will come from the inside (Obama) they always said they would destroy us from the inside out. Please wake up, but if you want to keep your blinders on you will eventually see I just hope its not to late for all of us.

    November 5, 2008 02:38 pm at 2:38 pm |
  4. jason

    ""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."

    bush gave handouts to the exxons of the world. bush significantly cut their taxes. bush followed the exact philosophy you defend. and, now bush has the honor of being the first president in a long time to preside over a net loss in jobs, presiding over one of the worst economic meltdowns this country has seen, and an overall stagnation of the economy. all that theory has done is concentrate this country's wealth in the top echelon of society, while the vast majority are barely scraping by. it amazes me how people continue to defend trickle down economics after 20 years of reagan/bushes has proved it wrong.

    November 5, 2008 02:39 pm at 2:39 pm |
  5. MT2CO

    karen-phoenix November 5th, 2008 2:13 pm ET

    Some of you people who are very, very uneducated, go back and ready what it took after the crash of '29. History can help all of you understand the uphill battle Barack and Joe have taken on!!!! These two very educated and intelligent men are about the only ones that possible could get us out of this mess!!! God Bless them both and the World!!!
    READ HISTORY!!!!
    ##############################
    Someone's been drinking too much kool-aid. Neither of these guys has any real-world experience creating jobs or running a company. Remember what they are – 2 lawyers, which sounds like the opening of many jokes. I just hope we can still laugh after they get through with us.

    November 5, 2008 02:39 pm at 2:39 pm |
  6. Michael in Houston

    That will be one of President Obama's biggest task, turning this economy around. The real issue is America stop creating. America stopped being the inventor. Instead we became a nation of borrowers, a nation of self entitlelist. When over 70% of America lives beyond thier means, that i snot the governments fault, that is the individual's fault. So while prsident Obama is sorting through this mess, I hope he reminds Americans that more is not better and America has to cut out the excess and get back to modesty. Pay as you go as then Senator Obama stated beautifully. And lastly America, I was once told that there are a bunch of jobs out there, the problem is everybody wants a position. Go get a job. How do you think people, who don't speak one bit of English, travel thousands of miles to get in this ountry and make a living? They get a JOB and live within thier means.

    November 5, 2008 02:39 pm at 2:39 pm |
  7. RH

    These forecasts of doom and gloom are self-fulfilling. Economies cannot grow without confidence in them. Screaming about how much more terrible things will be in six months only scares people and causes reflexive pullbacks. You want to talk about root causes of a downturn? Don't forget to include media saturation.

    November 5, 2008 02:39 pm at 2:39 pm |
  8. D. Williams

    VERY well said David.. can't we all at least give Obama an honest, heartfelt chance?

    November 5, 2008 02:40 pm at 2:40 pm |
  9. Fran - Memphis TN

    It seemed to me that everything was going along ok until the democrats took over the house and then things began to go down hill from there. My 401K has had an increase until then. So if you want to blame someone you should blame the democrats. Better than that we should all pull together to make things better and stop pointing fingers. In addition to that RACE is taught to our children they are not naturally born to dislike race. I taught my child to like all types of people regardless of color and also regardless of looks and handicap. If we would treat all people has equals and learn to take care of ourselves then we would not need to blame any one else or to scream race or hate crimes when something happens.

    November 5, 2008 02:40 pm at 2:40 pm |
  10. vahe

    obama will creat jobs with Biden all my trust is for them

    November 5, 2008 02:41 pm at 2:41 pm |
  11. XAN

    I did not vote for Obama for many different reasons and I like McCain but he is now my president and I will support him and pray he proves me wrong. Part of me wants him to be known as one of our greatest presidents so that my issues of race will go away.
    So from this day foward he has my support until such time as he proves he doesn't deserve it. And just like with Bush, I didn't vote for him and still don't like him but when the Dixie Chicks went to another country and put my president down, I trashed all their CDs I owned and now turn the station if I hear them. I will give the same loyallty to Obama because he is my president now and I hope he proves to be as great as his supporters think he is.

    November 5, 2008 02:42 pm at 2:42 pm |
  12. Kyle

    I see many republicans talking about "Taking back the nation", "Liberals", "The far left", look stop placing people in boxes. I am sick of it. The American people want home, jobs, education, fair wages, and a fair opportunity to compete in this global economy. Taking back what nation? America is not a possesion but a land of opportunity for everyone. Why don't you get it yet? The truth lies in the middle ground. Not on the far left and not on the far right. Concentrate on soultions of all people. Republicans have practice exclusion for so long, every word, every thought which it comes to this country exemplifies that. Try to find the most intelligent answer. Not the politically appropriate one. I pray in the near future my generation and subsequent generations finally put an end to this mess and learn to think outside of the box when it comes to dealing with Americans problems. And we will practice inclusion!!!

    November 5, 2008 02:42 pm at 2:42 pm |
  13. Trish Hussein - PA

    And the hate continues....

    November 5, 2008 02:42 pm at 2:42 pm |
  14. Eric

    I can't believe how caught up people are on taxes. For people making $250K or more, they will barely feel it. It's a lot better than me paying much less in taxes this year BECAUSE MY BUSINESS IS DYING!!!! Wake up you selfish idiots! The economy can't survive if no one pays their fair share. Obama's tax plan is very similar to Clinton's. Would you rather be living in Clinton's economy or this one? Dumb rednecks!!!

    November 5, 2008 02:43 pm at 2:43 pm |
  15. PeaceProsperityLove

    Smart ..Yes. Socialist Leanings... Maybe. Buyer Remorse... Not Yet.

    Can a nation be so desperate to elect a person whose values and persona remain a mystery and believe in a marketing plan that involved severe hazing beyond the pale...YES WE CAN.

    Time will tell, I hope he is awesome.

    November 5, 2008 02:43 pm at 2:43 pm |
  16. Bush's Damage , Orange California

    Obama has the support of the people who elected him as the 44th President of the United States of America. We know what lies ahead and we trust his temperament, intelligence, and ability to critically analyze any difficult decisions which should arise. Bush and Co. have done enormous damage not only to our economy, but to our psyche as well. It will be refreshing to have someone talk to US instead of talking DOWN to US.
    Obama/Biden 2008

    November 5, 2008 02:44 pm at 2:44 pm |
  17. KJ

    This title is so biased. He won the election, folks. He is our next president. President Obama. Get used to saying that!

    November 5, 2008 02:44 pm at 2:44 pm |
  18. DL

    What's the problem with initiating the CIVILIAN SECURITY FORCE
    OBAMA spoke about in July to serve as a major arm of government employment?

    November 5, 2008 02:44 pm at 2:44 pm |
  19. bigtime

    break it down to simple terms: people are happy again and will start spending money form top to bottom creating more jobs, sooo, you are way off

    November 5, 2008 02:45 pm at 2:45 pm |
  20. AK

    ...." Its no easy thing to build a new world, gentlemen."......
    Quote from one of our founding fathers.
    Lets not forget that daunting task!

    November 5, 2008 02:45 pm at 2:45 pm |
  21. Guy

    Obama won and that's all that matters. You can scream as much as you want it won't change the fact that CHANGE is here and the world as a whole, is going to benefit from it. Can you imagine the US achieving energy independance? Universal health care?

    November 5, 2008 02:45 pm at 2:45 pm |
  22. chris clee

    I am amazed at the sudden insistence on bipartisanship. This coming from the same people who reflexively blamed Bush first for ever ill that we as a nation encountered - including, (most astonishingly), the terrorist attacks of 9/11. I'm sorry to tell you this but you cannot punch someone in the face and then turn around and say let's be friends". You never gave Bush a chance in 2001 - called him 'illegitimate' and 'not my president' so don't exepct something different in return. Payback is coming whether you like it or not.

    November 5, 2008 02:46 pm at 2:46 pm |
  23. Save the American worker -Stop Illegal immigration

    Job creation? There's an immediate and quick fix....stop outsourcing American jobs NOW.....stop insourcing foreign workers whether they are legal or illegal immigrants.....put Americans to work and do it now! No more excuses. THAT is the change we need. AMericans first for once.

    November 5, 2008 02:46 pm at 2:46 pm |
  24. kdub

    Some of you have very narrow views when it comes to world. Some are quit to blame the blacks or call president obama a lot names that is unnecessary. You should have learned last nigth that calloing him names and accussing him of rasing taxes and being a socialist doesn't work.. If any of you are making over 250K a year ys you need to pay more in taxes and no I dont feel sorry for you.. President Bush hoowinked america and John Mccain and Sarah Paulin would have been more of the same. Lest face it people Sarah was not qualified to be vice president . Bt maybe you guys should move to alaska and be a part of the giant welfare state she has created there..

    November 5, 2008 02:46 pm at 2:46 pm |
  25. GreatGoogilyMoogily

    You want to fix the economy and bring back jobs???

    Get rid of Clinton's disastrous NAFTA!

    Take back China's Most Favored status, another Clinton mess up!

    Better yet, learn from China...In order to do business in China, a company must enter a joint venture with the Chinese company retaining a majority stake. We should do the same...why not?

    November 5, 2008 02:46 pm at 2:46 pm |
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