January 10th, 2009
09:45 AM ET
9 years ago

Obama: stimulus plan could create, save up to 4 million jobs

WASHINGTON (CNN) - Barack Obama now says his plan to pump up the ailing economy could create or save three to four million jobs, more than the 2.6 million jobs the government says were lost last year.

In his weekly radio and YouTube address, the President-elect gave details on a report released by his transition team. The report details the types of jobs that would be created or saved by Obama's stimulus proposals, officially known as the "American Recovery and Reinvestment Plan."

"The report confirms that our plan will likely save or create three to four million jobs. Ninety percent of these jobs will be created in the private sector – the remaining 10 percent are mainly public sector jobs we save, like the teachers, police officers, firefighters and others who provide vital services in our communities," says the President-elect.

The report, however, acknowledges that all of the estimates "are subject to significant margins of error" since it is unclear what the final economic package will look like once it emerges from Congress.

In his address, the president-elect once again warned that the road to economic recovery will be long and hard. "Given the magnitude of the challenges we face, none of this will come easy," he said. "Recovery won't happen overnight, and it's likely that things will get worse before they get better. But we have come through moments like this before."

Obama's economic team is negotiating with congressional leaders over the details of the plan. Senate Democrats will meet tomorrow with Obama's advisors in a rare Sunday event on Capitol Hill.

Filed under: Congress • President-elect Obama • stimulus plan
soundoff (308 Responses)
  1. James Ohm

    My stimulis plan would entail One Million dollars per tax paying household that would take care of the banks and all the car companys and the amount of people that could retire and open up knew jobs and of course all of the houseing and at half the cost but that would have been to easy

    January 10, 2009 10:15 am at 10:15 am |
  2. Ernie in LA

    He is giving all of these excuses already so if he fails he can just blame it all on Bush for leaving it that way.

    January 10, 2009 10:18 am at 10:18 am |
  3. virginia feld

    I think Obama will succeed with his stimulis plan if congress gets out of the way. Some of them always seem to find reasons for new things to not work. They fail to have any plans themselves of course.One day , hopefully, we will have term limits for them as many in congress are in there far too long! The latter includes both parties.

    January 10, 2009 10:45 am at 10:45 am |
  4. Daniel Champ

    Interesting that the taxpayers will once again pay for the creation of jobs, where do people think that public sector jobs are created from for Police Officers, Firefighters, and Public Works, it's paid out of our hard earned tax dollars. So where is Obama being so innovative in creating new jobs, what a ruse that is!

    January 10, 2009 10:49 am at 10:49 am |
  5. Sandy

    Politicians will promise the sun and the moon.
    Instead of all these big promises, if they get rid of the 12 million illegals, we will have more jobs and a safe and secure place to live.

    January 10, 2009 10:52 am at 10:52 am |
  6. Shabba Rommel

    3 to 4 million of what kind of jobs?!?!? Building bridges, roads, etc??? Unfortunatly, that's not the type of work the country needs. It needs manufacturing, energy, and trade jobs. Instead of the US being a "consuming" country, it needs to return to being a "producing" country. For too long has an inept Congress and Presidency been "managing" this countries affairs. Now they have collectivly spent $350B of taxpayers money (TARP) bailing out deadbeat companies and banks, only to have those same companies and banks layoff its employees to save themselves. Now they want to spend $350B on deadbeat homeowners who shouldnt have purchased the homes and investment properties to begin with, effectivly punishing those who didnt purchase or spend rediculous amounts of $$$ on over inflated real estate. Bailout are socialist in nature and cause further fiancial harm to an economy trying to correct itself. Rep Frank from MA is a socialist who should be tarred and feathered for his left wing radical agenda. Shame on the Democrats & Republicans who disregard Constitution to save their own political careers.

    January 10, 2009 10:53 am at 10:53 am |
  7. James

    Its nice to hear that the President Elect already has big plans for the US that would help the people get out of the economic slump. I have high hopes that in the long run he will do great things for the country

    January 10, 2009 10:55 am at 10:55 am |
  8. Nathana

    Mr. Obama lives in the imaginary word of his royal cocoon. Because of the treatment he gets from media he got impression that he possesses a magic wand and whatever he says will turn into real things. I will welcome him to real world on January 20.

    January 10, 2009 11:01 am at 11:01 am |
  9. Minneapolis MN

    I have all the faith in the would that President Obama will do right but us.

    January 10, 2009 11:02 am at 11:02 am |
  10. Anthony

    Give me a break. How can the government predict how many private sector jobs a "stimulus" package is going to create. This is just more political grandstanding coming from the soon to be president. I would love to hear some details about this economic recovery plan, oh I forgot there are no specifics because they have no idea how to fix this. The reason for that is that the government can not fix a market economy. They have already attempted to, and failed.

    January 10, 2009 11:02 am at 11:02 am |
  11. Steve

    There are already plenty of $6/hour jobs out there...

    January 10, 2009 11:05 am at 11:05 am |
  12. Minneapolis MN

    I have all the faith in the would that President Obama will do right by us.

    January 10, 2009 11:09 am at 11:09 am |
  13. Hector

    Man no wonder people think Obama is god....he's so good he almost had ME convinced!!!

    January 10, 2009 11:10 am at 11:10 am |
  14. Jason in SDY

    I'm just still so happy Obama was elected. At least I have hope. If it were McCain I would have committed suicide already.

    January 10, 2009 11:11 am at 11:11 am |
  15. Chris

    From all accounts, it sounds like the Demo's plan to cut out all of his tax REDUCTIONS from those who are working and simply have more handouts for those not working.

    January 10, 2009 11:13 am at 11:13 am |
  16. Kevin

    What a joke!!! Hey lets put more people on the backs of the tax payers.... "Recovery won't happen overnight, and it's likely that things will get worse before they get better. NO KIDDING, THIS PLAN WONT WORK AT ALL!

    January 10, 2009 11:16 am at 11:16 am |
  17. GEllis

    We need jobs out here. Put us back to work, we are struggling to survive. Jobs, jobs, jobs. We are not afraid of hard work. Never have been. Put the jobs back in our country and WE WILL WORK!! Give us the opportunity to work and provide for our families, communities and our country. We stand with you President Elect Obama. PUT US BACK TO WORK.........we cannot survive like this!! The last 8 years have knocked the breath out of us, help us to breathe again. May God bless us ALL and keep us strong, safe, wise, prosperous and free. Help us to "dream" again...........

    January 10, 2009 11:19 am at 11:19 am |
  18. Skeptic

    I wonder what type of jobs Obama is going to create. With manufacturing principles leaving the US at an alarming rate, are we going to have a bunch of new jobs flipping burgers at a government cafeteria? Creating minimum wage jobs is NOT the answer. Stemming the flow of quality jobs fleeing the county should be a major priority.

    January 10, 2009 11:19 am at 11:19 am |
  19. joey

    Am I the only one who finds these numbers ridiculous. Obama the great, well respected economist, projecting first 2.6 million jobs, then 3 million jobs, now 4 million jobs.

    Where are these numbers coming from and how can they have any credible when they just went up by 1.4 million (from 2.6 to 4) based on seemingly nothing?

    January 10, 2009 11:21 am at 11:21 am |


    January 10, 2009 11:22 am at 11:22 am |
  21. Phil in Murphy, Oregon

    Obama is giving no excuses - just a true picture of the incredible mess that Bush handed America.

    Let's be big boys and girls, shall we, and give his plans a chance?

    January 10, 2009 11:23 am at 11:23 am |
  22. Mark

    At least Obama isn't trying to B.S. everyone by saying the fundamentals are solid and Americans are resilient and all will be cushy in a few months. And unlike Bush, Obama will take responsibility for failures, Bush didn't even know we were close to $4 a gallon for gas last year.

    January 10, 2009 11:24 am at 11:24 am |
  23. amyinTN

    You people amaze me...knocking him down before he even has a chance. At least he's being honest about this being a tough hole to climb out of, and not making big promises he can't keep like, oh, let's say "NO NEW TAXES." But I guess you've forgotten about that??

    January 10, 2009 11:25 am at 11:25 am |
  24. tg

    Ernie you are an idiot. Of course Bush left it this way.
    And Obama will not fail.

    January 10, 2009 11:26 am at 11:26 am |
  25. marc

    James your an idiot 1 million dollars per household to fix the economy. Get a calculator. There's a reason these people go to College.

    January 10, 2009 11:26 am at 11:26 am |
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