December 5th, 2008
11:12 AM ET
5 years ago

$1 trillion rescue: Not so far-fetched

How much will Obama's proposed economic recovery plan cost?
How much will Obama's proposed economic recovery plan cost?

NEW YORK (CNNMoney.com) - President-elect Barack Obama hasn't put a dollar figure yet on his promise to create an economic recovery package that he says will generate or save 2.5 million jobs over two years.

His reluctance may be with good reason: Obama is six weeks from taking office, and the potential cost of helping the economy could rise.

On Friday, the government reported that 533,000 jobs were lost in November, far more than economists had forecast. On Thursday alone, companies across a variety of industries announced nearly 30,000 layoffs.

It's not clear yet how bad things will be by the time Obama takes office in January.

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Filed under: Candidate Barack Obama
soundoff (147 Responses)
  1. Godluvr

    Second graders, please stop playing on your parent's pc!
    ***************************************************************
    President-Elect Obama, you didn't create the mess, it will take time to clean it up! All true supporters will continue to have faith in you!

    As the song goes: 'We' (You) didn't start the fire! Change is never easy. It takes time. But we will get there with you!

    December 5, 2008 02:39 pm at 2:39 pm |
  2. Krystal

    Well imagine that! You mean Bush's $700 BILLION Wall-Street bailout isn't helping Main Street?!? Now, WHO could have *imagined* that?!?! And now we need even more money to help people? Wow... I, for one, am stunned! (I HOPE y'all sense the sarcasm, here)

    Well, I'm pretty sure that as long as people are only making $8.00 an hour, paying $1000.00 just to rent a place to live, and getting an education in school that basically is set up to prepare you for college, which is too expensive for 75% of people to go, that we'll be going round in expensive "stimulus" circles for quite a while. Add to that the fact that it seems people in this country would rather eat the $1.3 million doller cost of someone who's uninsured and can't pay that $1.3 million rather than let every American have the chance for healthcare, and... well... okay, okay, I could go on and on, but it does me no good!

    December 5, 2008 02:39 pm at 2:39 pm |
  3. Michael, Houston Texas

    Regarding A Real Conservative Realist:

    I am a Liberal leaning Indy, and I for to say that you make some very valid points. See folks, what he/she is saying has nothing to do with what side you are on, it's about what this country was founded on. Now I cannot agree that we need to let eveyone fail due to we would become a Third World country, without economic power, every other aspect will become powerless and then we more than likely will lose our soverignty and be an annexation of some other country. So we need to do something like build from the bottom up, instead of giving these corps billions of dollors. I'd rather see the govenment give the money to the people who will buy products, that will creat jobs, stimulate the economy and get us moving again if giving money away is the answer. And I like your point, when did we get away from The American Dream "Freedom" (although that was falicy until recent times because the only true free people in America were white men).

    December 5, 2008 02:45 pm at 2:45 pm |
  4. UNEDUCATED AMERICANS

    WOW-

    I love to read these comments-

    people who voted for change are so blind they can't even see that the proposed Obamonomics are the same things that Bush and the FED are doing now. the only change we will get is spare change after we are forced to give our money to businesses who have failed and should go bankrupt-

    it will take 1 trillion to fix it? what money? this country has been broke for years and borrowing and printing money!

    "Land of the Sheep, Home of the Afraid!"

    December 5, 2008 02:45 pm at 2:45 pm |
  5. Cent

    Why does does this picture make Obama look like a pimp handing out money?

    December 5, 2008 02:46 pm at 2:46 pm |
  6. Walt, Belton,TX

    To: FreeNLovit

    Sometimes it is better to have people wonder whether you are stupid or not, than openly opine and confirm their suspicions.

    December 5, 2008 02:50 pm at 2:50 pm |
  7. Eva

    Guess what folks? Bush did not create this! Thank your democrats for this mess! (Even your beloved Bill Clinton admitted its the democrats fault)

    December 5, 2008 03:01 pm at 3:01 pm |
  8. Rocky in GA

    Where is George W. Bush? This is still his baby. Oh, yeah........ Picking out the drapes for his new upscale house in Dallas.

    December 5, 2008 03:07 pm at 3:07 pm |
  9. Alabama Voter

    Kelly,
    People did not bite off more than they could chew. Most of them were doing just fine until this economy tanked. The Republicans want us to think it is all the people who ran up credit who is at fault but most of us were able to pay our bills and help the spending in this country until we lost our jobs due to outsourcing. It's hard to pay bills with no job.

    December 5, 2008 03:07 pm at 3:07 pm |
  10. Richard A. Spomer

    What the hell! Taxes will go up for everyone, and the National debt will too. Thanking you in advance President-elect Obama!

    December 5, 2008 03:24 pm at 3:24 pm |
  11. Lisa

    It's going to take a lot of money to get us out this mess. We need to step up and make sure we solve this problem. Bush has handled the rich what about the rest of us? President Obama we need you're promised taxes cuts.

    December 5, 2008 03:36 pm at 3:36 pm |
  12. Jose

    Houses in the U.S have no longer value yet in other developing countries investors are winning big.The problem with the U.S is simple there are more houses than people can live in.

    December 5, 2008 03:37 pm at 3:37 pm |
  13. Cricket

    I have posted twice here today and neither comment has appeared- what gives CNN????

    December 5, 2008 03:47 pm at 3:47 pm |
  14. Dorothy in NC

    I would like to see a fresh new approach from Barak Obama in how to get this economy going. Instead of keep bailing companies out, which looks like it is never ending, I would like to see the following happen.
    We need to take our country back. There was a time when we had pride in our work, when customers were first rather than big bonuses for CEO's. Nowdays we import most everything from China, including American Flags, which never ceases to amaze me.

    We need to make bold moves to get this country back on its feet. Here are some ideas.

    1. Set up an agency that hires people to make products that we use here. The employer would be the US Government and these employees would receive a decent wage, health insurance and pensions. There are vacant factories all overe the country or the government could even build them. That would put construction workers, electricians, plumbers etc to work.

    2.Set up contracts with American companies in 5 or 10 year increments that if they agree to stay here and hire American workers, no illegal aliens, pay a descent wage, provide health insurance and pensions to their employees, they pay NO taxes.

    3. Double tax companies like Hershey who outsource their products and make the companies public on a special website so we all can boycott them.

    4. All companies who receive bailout money must furnish the taxpayers a detailed report where every nickel went and must present a plan to the government on what changes their companies are going to make to become financially solvent.

    Also the infastructure of this country is in a delapitated state thanks to spending everything to rebuild Iraq. The government must find ways to fix our infastructure....have programs for rebuilding and cleaning up areas and give people who do this special tax breaks.

    There is so much we could do to get our country back, now that Barak is going to end the war. That has to be the first thing he does because our own country is going to hell and I think Obama is just the man who will try to straighten things out.

    December 5, 2008 03:49 pm at 3:49 pm |
  15. BOB FROM DOWN UNDER

    THE WAY HE CAN LIE AND DRAW MONEYS FOR HIS AGENDA. MAYBE THOSE CEO'S SHOULD START LIKE WISE. AND NOT EVEN A CITIZEN OF THE USA. . BEST HE START ALONG SIDE MONICA, , SHE KNOW A FEW TRICKS ALSO . WRIGHT MR. AYERS.

    December 5, 2008 03:50 pm at 3:50 pm |
  16. white female

    Don't call all of us uneducated, we voted for the right Man, and he will deliver. People like you who haven't had to miss a meal or a pay check before in life is the ones who or SHEEP AND AFRAID.

    Get over it we will all have to work hard to help Presd. Obama bring back a life of wealth to this country. stop the hateing help someone with less than you have and see what God will do for you for a CHANGE, THAT'S WHAT CALL CHANGE.

    December 5, 2008 03:55 pm at 3:55 pm |
  17. Ernie

    Look at Obama's hair. He will be solid white in 4 years and then he will be too old for the WH. Right, young people?

    December 5, 2008 04:05 pm at 4:05 pm |
  18. Steve

    Let every homeowner that wants to take the value of his home now subtract that from what it was at it's peak then multiply the difference by a cap factor – not to exceed some limit (so it's not TOO large a bailout)... Divide by 2. Give half to the HOMEOWNER, half to the lender w/a tax credit for the other half. Then they are forced to renegotiate their home at the current value. For example, say a house lost $100,000 of it's value and let's say the cap is $100K – so the home owner would get $50K cash, the bank/lender would get $50K cash and $50K tax credit... What's this do? It puts cash in people's pocket – to save, spend or use on their mortgage payments or college or whatever. If they thought $300 was stimulus – imagine $30K! It keeps banks liquid. It stops the foreclosures and a further decline in housing values. It avoids the need for a huge Gov't org to buy, manage and resell foreclosed properties – of which I've read over $3,000,000 are in distress....

    December 5, 2008 04:07 pm at 4:07 pm |
  19. BO is just B.O.

    @Intelligent thought please.
    I agree. These blogs show the lack of intelligence of the majority of the bloggers. But they are good for a laugh!!!!!!

    December 5, 2008 04:09 pm at 4:09 pm |
  20. Mike

    This is like a game of Monopoly gone too far. Now we're making up the rules as we go along and its not working. Time for a reset. Here is my idea.
    Change to a 20% flat tax rate for everyone and every business. Feds need to learn to live on a budget like the rest of us. No tax deductions for any business except to cover healthcare for their workers. Complete reworking of the healthcare system so all the states have the same minimum level coverage requirements. Finally to jumpstart the rest of the economy, Each tax paying household should receive a $100,000 stimulus check so that mainstreet people can pay off their debts to the Credit card monsters and everyother debt that is holding us down. We dont need more loans that's what got us into this problem in the first place. people need to learn to live on what they make. Finally (and this is really gonna piss off some people) we need to turn to GOD and ask for forgiveness and to heal our land. Amen

    December 5, 2008 04:12 pm at 4:12 pm |
  21. Jack

    The conservatives love making money and preserving their inherited wealth but, they want everybody else to pay taxes.

    Trickle down economics have been proven wrong and trying to rewrite history won't change those facts.

    The wealthiest got richer under the conservative banner and now, they want government out of the way so they can keep their gains under Bush.

    Well, a new "deal" is coming and it's time to pay the bills that the "Grand Old Party" spent.

    December 5, 2008 04:17 pm at 4:17 pm |
  22. RLE

    Jaye not all Republicans are rich and powerful look at those who are blue collar workers and those who are poor who seem to just vote against their own interests

    December 5, 2008 04:30 pm at 4:30 pm |
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