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. Ken


    Actually, fear tatics were a major part of the Bush administration. Remember, if we elect Gore, BOOOM!!!! ad commerical? Remember, if we don't give bailout money now to Wall Street, captilism will crumble (and now CEO's are getting their golden parachutes, some for as little as 2 months of work for millions of dollars in return)? Remember, how Bush said, if we don't stop Iraq now, he'll have WMD's (all based off of false intelligence)?

    January 10, 2009 01:37 pm at 1:37 pm |
  2. Ted

    O my gosh people, stop the ignorant responses, give the man a chance to prove himself before you lash out on him with your comments. Give it a thought first, just think about what he can do with what Bush left us, think of it as a fresh start. Give the man to prove himself, if he fails, then batter him with comments. Goodness.

    January 10, 2009 01:39 pm at 1:39 pm |
  3. Alicia

    >>>>>I am looking for CLIFFORD, BOB, KYLE AND EILEEN who usually blog so negatively on PE Obama.

    I want to see how they spin this in a negative way.

    January 10, 2009 01:39 pm at 1:39 pm |
  4. Luis

    How is creating Jobs or attempting to fix things messianic? was FDR Messianic? Was Regan with his tax cuts? You right wingers really need to stop being so opposed to Obama and his plan's because he won the election and hes doing everything he can to fix the mistakes of last 8 years.

    January 10, 2009 01:40 pm at 1:40 pm |
  5. Russ Martin

    I don't know how some Republicans can say that spending money to create and save jobs is a huge waste. Let's say your faimily is having a big financial problem. Someone could loan you the money and life would go on. Conversely, if nobody loaned you money, then your family would crash and burn so to speak. Think of whatever money that is spent as a bridge loan to better times. However, the amount has to be big enough to build the bridge. The country produces 14 trillion dollars of goods and services each year. A trillion dollars is approximately 7%. However, repayment will be spread out over many years. Put this in terms of the family. If a family makes $100,000,, it is like borrowing $7000. However it might be repaid over 10 or 20 years, so the yearly cost would be about $400 to $800. In that time there will be inflation which will reduce it's cost. So, whatever money the government needs to get through this crisis is money well spent. So the Republican's argument that it will break the country is wrong. One last thing though. Tax breaks won't help. They are too small and will be saved or used to pay bills. What are needed are jobs. Jobs that repair the infrastructure would be best.

    January 10, 2009 01:40 pm at 1:40 pm |
  6. Polar Bears Against Palen

    Wow! The right-wing lunatic fringe is alive and well and on this site. Put your flag and fake patriotism away you frickin' Facists!!

    January 10, 2009 01:41 pm at 1:41 pm |
  7. Dante

    america is in for rude awakening. this liberal loon will ruin this country. the current economic crisis started with morons like barney frank and obama is no better. the honeymoon is already over. rev wright was a HUGE insight into who obama really is and most just chose to ignore it. that was an enormous mistake. let's hope that america can survive until the next election.

    January 10, 2009 01:41 pm at 1:41 pm |
  8. Nicholas

    @ Gene,

    The idea of do nothing and hope that it will get better is planning to fail. It is true that they cannot spend their way out of this problem without proper oversight but they cannot equally ignore the problem at thesame time because it will still distort the living condition of the next generation. Reducing the lending rate and eliminating bad mortages or government buying up bad mortgages is not the only solution. It will lead to more recklessness of the people and increase government and her spending.

    The best solution is invest now in high technology to improve American competitiveness, invest in education and invest in energy to make the country energy independent. Part of what the country is suffering now is the lack of foresight towards attaining energy independent. It now lead to increase in spending on countries that does not like the USA.

    It is better to spend now but wisely to better the economy than keeping huge reserves and maintaining thesame problems.

    I urge congress to act fast and now. Enemies are everywhere praying America to fail but God will not allow that happen because it will put the world in confusion with contries like Russia and china being world power.


    January 10, 2009 01:41 pm at 1:41 pm |
  9. john

    what happened to the $1000 dollars that obama was going to take from big oil and give to the people?????

    January 10, 2009 01:41 pm at 1:41 pm |
  10. Kevin

    I really don't think that the federal government should be in the business of "trying" to create jobs. I think its a recipe for disaster. Obama seems intelligent but I think he is overstepping his bounds and I think most reasonable americans would agree that we'd be better off without the government "trying" to help us out all the time.

    January 10, 2009 01:41 pm at 1:41 pm |
  11. chris

    its all lies, you cant stop what the bible has fortold, the four horsemen are here!!! we need to get ready for the great tribulation!!! its right in front of us! stop looking for the goverment for the answer.have we not learn yet.

    January 10, 2009 01:41 pm at 1:41 pm |
  12. Jarrod

    I do not think Obama is superman. But Bush has been too little, too late every time. Even supporters of Bush must admit most of his 'focus' has been the wars, Iraq, Afghanistan, the war on terror, and an honest debate needs to be had about what we even accomplished in Iraq. We have done the same thing the Soviets did for a decade, drained themselves on wars while they neglected the homeland. I would rather my taxes go to infrastructure than a war that has achieved little. I would rather someone holds those at the top accountable, as they take more and more for less work, and we work our 55+ hour workweeks.

    But the corporations have screwed us as much as anyone else. And SOME OF IT IS OUR FAULT. In our rush to 'low prices' , we gave up on Americans! How do your wal-mart savings feel now that everything you buy comes from a foreign factory? Its not just government, its the fact that we wanted to save $15.00 on a product, so your local store got the product from China, not Texas. That factory in Texas moved overseas, and now its shipped back to you produced for less. Want to fix the economy? Screw wal-mart and buy local made, local grown products!!

    January 10, 2009 01:42 pm at 1:42 pm |
  13. Dovera

    If Obama just takes up space he will still be abetter President than Bush

    January 10, 2009 01:42 pm at 1:42 pm |
  14. Cut Welfare

    We need to cut spending on criminals and deadbeats. Criminals like Madoff – can't we just dump obvious deadbeats like him into the ocean? Lets weed out the people who cost our society money and resources and do not contribute anything. I don't mean genocide, but why are we helping these people when they don't help us back? Cut the fat. We need to be productive!! We need tangible results! The government will not be able to solve this unless they can find areas to cut their own spending. Rebuilding roads is such a waste. Who is going to drive on them if automobile companies are going out of business and people don't have jobs and don't need to commute anymore? Its just like the bank bailout! Lets see, people can't pay back their loans, so lets give the banks more money so they can lend it to people who are not paying back their loans. Its genius! I don't blame the banks for not lending that money! Do we really have our heads stuck THAT far up our butts?

    January 10, 2009 01:43 pm at 1:43 pm |
  15. clifford

    Obama's mother in law who apparently has squatters rights in the White House should be made to perform some sort of community service for her FREE RIDE of public housing!! Obama is an advocate of community service correct?? Well I guess this is just stereotypical of this minority groups mindset "GET ALL YOU CAN AS LONG AS IT'S FREE"!!

    January 10, 2009 01:45 pm at 1:45 pm |
  16. Trenton

    I support president Obama, but there is a huge difference between saving 3-4 million jobs and creating 3-4 million jobs.

    January 10, 2009 01:45 pm at 1:45 pm |
  17. Cut Welfare

    This site censors good comments

    January 10, 2009 01:45 pm at 1:45 pm |
  18. Proud American

    Only in America can jobless Idiots complain about a President trying to put them back to work. It shows that most of you that are out of work, was the bottom and non performers of the company.

    January 10, 2009 01:49 pm at 1:49 pm |
  19. Coco

    for all the people who hold Bush and the Republicans for the oursourcing of jobs. pl remember it was with Clinton that the outsourcing of jobs to China started. has everyone forgotten how the Chinese donated to the Democrat party kitty for a sleepover in the Lincoln bedroom?

    January 10, 2009 01:50 pm at 1:50 pm |
  20. deograine

    Stupid people used to get trampled by mastodons, now we save them so they breed and post dumb comments on websites. Not even Obama can save us from de-evolution.

    January 10, 2009 01:50 pm at 1:50 pm |
  21. Marisa

    I just keep looking on family money the comments on how the government needs to cut back in spending I don't think so, my daughter was telling me that they are cutting the orquesta, councelors nd other electives at her middle school...or for all the schools in Hillsborough county, How far we need to wait for the private sector before the government takes some necessary actions.?

    January 10, 2009 01:51 pm at 1:51 pm |
  22. Jennii

    Hey Joan, I would gladly take those migrant farm worker jobs "nobody else wants." At least they have a job. A four year degree in this country means nothing anymore.

    January 10, 2009 01:51 pm at 1:51 pm |
  23. Rainman

    Listen to Glenn Beck, He is the only one out there that "gets it" It is a logical fallacy to think that a household, a business, or even a country can get itself out of financial trouble by spending more money. How stupid are we? The inept Fed Reserve can print till the cows come home but it is not a silver bullet. Eventually, everyone including other countries realize the dollar is worthless.

    Most politicians have long since sold out, in every way. All that is happening now is they are trying to "ease " the landing of our crashing country so they can say, "look, we did everything we could, but...well Sorry, this wasnt my fault after all!"

    If we could only face our fears head on, let those that are Failing, Fai! It might sting more to begin with and politicians would all be shamed but the healing would come so much faster and our country would still be America, "Land of the FREE, Home of the Brave! Today that famous line now reads, "Land of the socialist, home of the fearfull"

    January 10, 2009 01:51 pm at 1:51 pm |
  24. chris

    John that $1000 was just to get himself elected. Plus it was a very bad idea. People can't be expecting handouts from out government lile that. Just plain stupid.

    January 10, 2009 01:51 pm at 1:51 pm |
  25. Tom Bachman

    Good luck, BHO....spend your way out of debt....but raise welfare for non-producers. Ever think how many "non-green" jobs will be lost (oil/coal industries) to placate the unwashed tree-huggers with all those MILLIONS of "green" jobs?? Nahhh, you can't fool enough voters with truth.

    January 10, 2009 01:51 pm at 1:51 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13