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.

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Filed under: Candidate Barack Obama • Economy
soundoff (389 Responses)
  1. happy days ahead

    president obama and vice president biden, will get our economy back, but it will take time i'm thankful we have them both.

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

    More and more jobs will go overseas when Mr. Obama starts taxing businesses in the U.S. My company utilizes employees outside of the U.S. because they are cheaper and in most cases, smarter. Get an education if you want a job. Don't rely on Obama who has No business or goverment managment experience...

    By the way, if you want to stop the mortgage crisis, stop buying houses you cannot afford.

    November 5, 2008 02:47 pm at 2:47 pm |
  3. Lupe,TX

    I am a proud Obama supporter, and I will leave you with this: It can't be any worse than these last 8 years. Give him a chance instead of deeming him incapable. Hasn't even been sworn in yet. Stop bickering and get on the train.

    November 5, 2008 02:47 pm at 2:47 pm |
  4. dp in jersey

    I've noticed both here and in other comment sections that a number of people add something to the effect of "I dare you post this." If only it were that simple. CNN probably posts their vile comments simply to show how ridiculous, illiterate and prejudiced they are.

    November 5, 2008 02:47 pm at 2:47 pm |
  5. Sean G

    I am shocked by the hypocritical nature of the "inclusive" Obama supporters. I did not vote this election because I could not stand either candidate. I have backed both parties in the past... but I cannot stand that the Democrats pledged "unity and inclusiveness" all campaign long and now are telling Republicans to go take a hike. I thought Obama was a President for "All Americans"...I guess I was wrong and I guess we will have 8 more years of partisan politics are usual, this time I will at least get to hear the media tell me that its a good thing.

    November 5, 2008 02:47 pm at 2:47 pm |
  6. robinlee

    OBAMA WON'T CREATE JOBS.....HE'S CREATING MORE WELFARE!!!! "HE'S GONNA PAY MY GAS AND MY MORTGAGE. WE DO GOOD FOR HIM, HE'LL DO GOOD FOR US" .....THAT'S THE OBAMA VOTER MENTALITY.
    THIS COUNTRY IS IN TROUBLE!!!!!
    OUR ECONOMIC PROBLEMS STARTED TWO YEARS AGO WITH THE DEMOCRATIC RAN CONGRESS!!!! AS LONG AS THERE ARE THE LIKES OF HARRY REID & PELOSI IN WASHINGTON...OBAMA CAN'T EVEN SOLVE AMERICA'S PROBLEMS!
    GOD BLESS THE USA!

    November 5, 2008 02:47 pm at 2:47 pm |
  7. Joan , Ontario

    Give the man a break. He has just run a remarkable campaign for almost two years, won a stunning victory last night and has given your country long needed hope and optimism. He also has been warmly welcomed on the world stage and will bring back the respect that has been lacking because of this last administration. Let him catch his breath, plan his transition teams, bury his Grandma in peace and enjoy his family for a few days. Don't worry. If he runs your country like he did his campaign, you are in good hands.

    November 5, 2008 02:47 pm at 2:47 pm |
  8. David P

    If Obama wants to help create jobs, he can start by not shooting himself in the foot with higher taxes. You simply DO NOT raises taxes during a recession...that was one of the real causes of the Great Depression.

    David, it's rather ungracious and irresponsible to attribute people's opposition to Obama to racism and prejudice. Everyone I know who voted for McCain like me, did it for reasons of national security and a sound economy.

    November 5, 2008 02:48 pm at 2:48 pm |
  9. Joshua

    WOW! I can't believe I live in the same great country as so many ignorant people.

    November 5, 2008 02:48 pm at 2:48 pm |
  10. GreatGoogilyMoogily

    One law, or ***Amendment***, will get this country back on track:

    DEFICITS ARE ILLEGAL

    This pertains to budget as well as trade deficits.

    November 5, 2008 02:48 pm at 2:48 pm |
  11. bigtime

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

    November 5, 2008 02:48 pm at 2:48 pm |
  12. Grant

    Obama won't have an easy time but it is better to have him at the helm than someone who could care less about the common man.

    Also, I heard Palin will be the lead dog this year at the Iditarod race.

    November 5, 2008 02:48 pm at 2:48 pm |
  13. Peter

    I love how every election no one researches their canidate, and just goes with the media. The "Change" Obama is bringing to america isn't the change you voted for and hope for you fools

    November 5, 2008 02:49 pm at 2:49 pm |
  14. Rave

    Dissolve the GOP party and form a new party.
    You guys are soo DONE !!!!
    Haa Haa Haa
    Hee Hee Hee
    Look at yourselves you loosers. You deserved this.

    November 5, 2008 02:49 pm at 2:49 pm |
  15. maurice

    very few policies have an imediate effect it usually takes about 8 years for policy to catch up. thus the dems saying it will take 10 years for us to see any results. so if anyone is to blame who was in office 8 years ago? bill clinton i would say. who ran the congress and senate? the republicans i would say. so lets say bill clinton and the republicans screwed us 8 years ago. ebd of story....next!

    November 5, 2008 02:49 pm at 2:49 pm |
  16. Tradesmart

    @ RealityKing

    Give up some of your riches to keep what you have. So you "put a freeze" on. You must be making lots of money to do that.

    Greedy puts people in their place.

    Corporate Pilots for Obama

    November 5, 2008 02:49 pm at 2:49 pm |
  17. John

    Patty L– clearly Mr. Obama had alot of white supporters,much more than blacks as they are the second minority in population. Good thing we are all not like you patty.

    We are trying to move forward, please don't set us back with those illiterate comments of yours.

    November 5, 2008 02:50 pm at 2:50 pm |
  18. tjean

    The Bush regime has opened up such a gaping wound over the last 8 years that it will be an absolute miracle if anyone can fix it. And if Obama isn't able to get us back in 4 years to where we were 8 years ago, he will be judged as incompetent by the public, republicans, and racists. I can't to hear what the Anti-Obama ads will look like 4 years from now. I think if he just stops the bleeding and stabalizes the country he will have made good on all of his promises, and this man has the potential to do much more than that. People who say he can't hold up on all of his promises are just setting up the arguement for 4 years from now, not even realizing what a DIFFICULT battle we have ahead of us that was created by THE BUSH AND THE REPUBLICANS. If Obama even made good on one of his plans or promisies, or stopped the job loss, let alone began creating jobs – that would be a wonderful change in the right direction – something Bush hasn't been able to do but Obama should be highly regarded if he can. Part of acheving goals is setting high standards, shoot for the stars. Maybe you only get to the clouds, but it is better off then you were before. Lets come together and support our new president-elect and get this thing turned around.

    November 5, 2008 02:50 pm at 2:50 pm |
  19. Kitty

    Just to correct a few misconceptions on this board....

    The lending crisis and NAFTA were signed into effect before Bush ever took office. So understand this impact of Obama won't be seen until 2015. If you want the facts google on your own. So the economic crisis has nothing to do with what happened in the last 8 years. So get educated so when you do vote in 2012 you have a clue what you are voting for. Obama's programs could end up costing us more money but we won't find that out until it is too late.

    November 5, 2008 02:50 pm at 2:50 pm |
  20. steve

    oh but the mighty "godley" obama has the answer's and the democrats have the answer's. why such a glum outlook. did you "elect that one."

    November 5, 2008 02:51 pm at 2:51 pm |
  21. change HAHA

    Change is coming, Less pay, higher taxes, O. Winfrey in the White House. Jessie Jackson in the Capitial. MLK JR. heads to D.C. Charles Barkley as Govener. See the pattern, what is he going to do for all the people in the Chicago projects?

    November 5, 2008 02:51 pm at 2:51 pm |
  22. Ian

    President's don't create jobs, entrepreneurs do.

    November 5, 2008 02:51 pm at 2:51 pm |
  23. maurice

    very few policies have an imediate effect it usually takes about 8 years for policy to catch up. thus the dems saying it will take 10 years for us to see any resultsof off shore oil drilling. so if anyone is to blame who was in office 8 years ago? bill clinton i would say. who ran the congress and senate? the republicans i would say. so lets say bill clinton and the republicans screwed us 8 years ago. end of story….next!

    November 5, 2008 02:51 pm at 2:51 pm |
  24. Ferd Berfall

    I also have a company of 100 employees in Maryland. Within a month I will be cutting 15 positions in my small business that makes over $250K a year to maintain the business in order to pay the perceived corporate taxes next year. Actually it is a double whammy with the Bush tax cuts also expiring at the same. To all my employees you may thank Obama for your new found employment... May Godspeed be with you.

    November 5, 2008 02:51 pm at 2:51 pm |
  25. Preston the Accountant

    Ok, apparently RealityKing works for the same imaginery company that Joe the "doesn't make enough money to buy a toilet" Plumber was thinking about purchasing. But is afraid to because his profits will be so high the Obama Tax will hamper his growth.

    Get a life RealityKing, and in the event your "small company" is real. Look for another job – any business that makes financial decisions based on an election....Well I don't think I have to tell you that the owner is clearly an idiot.

    November 5, 2008 02:52 pm at 2:52 pm |
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