January 10th, 2009
09:45 AM ET
5 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. David

    There are going to be a lot of disappointed folks in a few months. Barack Obama is nothing but an empty suit spewing rhetoric. He is no more qualified to be president than the average supermarket manager. He has never actually accomplished anything other than read a teleprompter.

    It seems ironic that someone who has never has held a 9-to-5 job in his life is suddenly an expert on job creation and is going to bring the world out of the worst economic crisis since the Depression.

    Obama has no clue what he is doing and anyone that thinks he does is either totally naive or totally foolish.

    This is going to be a long couple of years ahead of us.

    January 10, 2009 01:51 pm at 1:51 pm |
  2. keri

    January 10th, 2009 1:41 pm ET
    "I really don't think that the federal government should be in the business of "trying" to create jobs"

    Trying to create jobs has got to be more effective than giving every taxpayer an extra $500 to buy a bunch of crap made in China.

    Give a man a job and he is going to earn the money he needs to support his family reliably hopefully for years to come.

    It's a no-brainer.

    January 10, 2009 01:56 pm at 1:56 pm |
  3. Jeff

    I've always wondered why we don't require welfare recipients to pick up garbage, learn how to build roads, etc. Seems like it should be a trade in kind, we'll give you some money, but you have to do stuff for it. Go to New Orleans and look at all the garbage on the ground, and then look at how many people are just loitering, not being productive members of society. Obama mentioned once that he thinks that a welfare for work program would be a better system. It's about time to demand accountability of our citizens.

    January 10, 2009 01:56 pm at 1:56 pm |
  4. BadNews

    Up to 4 million? Perhaps he will promise 15 million cost-free jobs at his inauguration speech.
    This guy makes Bush sound like Aristotle – that's quite an accomplishment!

    January 10, 2009 01:56 pm at 1:56 pm |
  5. Jennifer Geddie

    The critics are already finding fault with Obama and casting him as a failure , yet he has not even been inaugurated . Given the disastrous results of decades of the lack of regulation and Reagonomics ,he walks into a house on fire and must decide where and how to apply help first . OBAMA is left to put out the fire , but he should not be blamed for starting it .

    All praying people should daily ask God for our president and his team to have wisdom and good judgement as they make critical choices .

    The bright side is that I do believe our president is totally sincere
    and dedicataed to enacting changes that help the average person and the people who are falling between the cracks of our system .
    How nice to have a president whose heart is in the right place and who is also intellectually gifted .

    January 10, 2009 01:56 pm at 1:56 pm |
  6. Nicholas

    I do not fear that it will work but what I fear is that Americans will not make it work. Reading peoples comment here, they are already wishing him to fail but God be with him.

    I am disapointed at you Americans. Give this man at list 100 days in office before you start judging if he has failed. I know for sure that he cannot keep all promises he made during campaign but I am certain he will keep upto 80% of his campaign pledge.

    Pls give him the benefit of doubt.

    Nicholas

    January 10, 2009 01:57 pm at 1:57 pm |
  7. New York

    Hey Clifford, get a life!

    January 10, 2009 02:01 pm at 2:01 pm |
  8. Bex

    Obama thinks giving businesses a $3000 tax credit for each new employee they hire will creat millions of jobs...That is ridiculous. The problem is business in America is dead. The government has taxed businesses out of business, put restrictions on what they can do, made it so expensive to create anything, $3000 per new employee will not undo that.

    Won't the $3000 credit just be wiped out by paying the employee $3000? It makes no sense.

    Lighten up the restrictions on buisness in the U.S. Cut taxes without condition on business in the U.S. and continue tax cuts on high earners who actually SPEND money in this country. Not low income people who no matter how many tax cuts you give them, do not have the money to support the economy.

    I think Obama is smart, but he's no business man, which is what we need to help our country.

    January 10, 2009 02:02 pm at 2:02 pm |
  9. Meh

    Hey Clifford, don't forget to pick up your white hood at the dry cleaners!

    So sick of the racist comments on here. Why does CNN publish them and NOT publish perfectly sane ones?

    January 10, 2009 02:03 pm at 2:03 pm |
  10. Rob

    It is impossible to count "saved jobs" how about a number on just "created jobs". Make me President and I will create 10 million jobs by simply making e-verify manatory nation wide, HUGH fines and jail for businesses who violate and then ALL the ILLEGAL aliens will leave on there own with no work thus creating 10 million jobs for AMERICANS.

    P.S. Illegal aliens don't just do farm work, farm work is very little, they now do all types of work.

    January 10, 2009 02:04 pm at 2:04 pm |
  11. Kiara

    @ Dante

    How can he ruin the country when it's already ruined?

    January 10, 2009 02:04 pm at 2:04 pm |
  12. Floyd

    Nobody, not Obama, nor his economic team (who originated this estimate), nor goofballs like 'The Wisest One of All' (earlier poster) have any idea what will happen with job creation in the future. This latest estimate includes the disclaimer that it is "subject to significant margins of error", which is an understatement. A more accurate disclaimer would be, "this estimate is nothing but wild speculation based on an economic model that is anything but robust or reliable". But even if Obama et al are not soothsayers, I'm certain they will do a better job of reacting to events on the ground than their predecessors, who valued facts about as highly as Hindus value hamburgers.

    January 10, 2009 02:04 pm at 2:04 pm |
  13. TAV

    Well the Bush/Republican philosphy of getting out of the way and doing nothing worked out so well, I can see why those critical of government trying to guide us to something like energy independence or trying to soft land the economy would want to return to the past.

    I think the Ukranians are learning cheap energy based on policy that is not sustainable is a bad idea. Maybe if we can use this stimulus to give tax breaks to help move our economy off of some imported oil it will pay for itslef in spades. Try to think a little different fromt he past 8 years. Might do you good.

    But hey maybe all these do nothing types want us to keep subsidizing big oil and corporations instead of helping to build foundations for growth inthe US in manufacturing. We can all have service jobs or work on some ponzi deal. Yeah, that's it. Or maybe they are looking to create the end times since it appears we need to hasten such a scenario. ha ha

    January 10, 2009 02:05 pm at 2:05 pm |
  14. grey

    idiots.

    January 10, 2009 02:06 pm at 2:06 pm |
  15. Sue

    Get 'er done!!!

    January 10, 2009 02:07 pm at 2:07 pm |
  16. mike

    The economic stimulus plan that obama has put together is no better than the one bush tried a few months ago. What makes him think that his plan is going to work. How about focusing on whats causing the lack of jobs, such as shiping all our indutrial jobs to china, in stead of just spending more money that the us govenment doesnt have.
    (Please just stop free trade with China)

    January 10, 2009 02:07 pm at 2:07 pm |
  17. 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 at the bottom and the non performers of the company and would have been fired a long time ago if your companies wasn't making money. I'm willing to bet that 90% of you think you should be sr. management. lolololol

    January 10, 2009 02:07 pm at 2:07 pm |
  18. RC

    The co like AIG, Citi who got baiout money continue to outsource jobs. Why should the taxpayers money used to bail out co that do not invest in USA.

    Other co like Pfizer, BMS, Merks, lots of Financial co, are also shipping out jobs. At many of the organization the CEO and upper management are forcing the lower mangement to outsource jobs. At pfizer 60% jobs were cut, they were sent out to India in the name of restructuring and cost saving. The new policies are no more renewal of any contracts. Further all contract are to the max of the project which usually last for 4-6 months. Further if any one leaves then their jobs are to be replaced at India.

    My friend who works at non-proft in NYC has also decided to outsource their jobs.

    Questions need to be asked to the CEO and CFOs.

    They don't get it; if they ship the jobs the Americans get poorer and with time their own network also depreciates...and they see it by viewing the shares of their own co that have fallen over 40-60%!

    January 10, 2009 02:09 pm at 2:09 pm |
  19. Mark, B'ham., Al.

    We will have to wait and see! If it is construction, then these jobs will be for illegal immigrants which I see regularly on building and road work. Personally we should deporrt all those here illegally and make those on unemployment work on construction, food service, and hotel worker jobs until something better comes available. I saw a Wall Street Brocker who had to go get a job as a waiter for alot less money. I do not feel sorry for him as he benefited form the problems on Wall Street but you have to give him credit for going out and finding something to support himself on.

    January 10, 2009 02:09 pm at 2:09 pm |
  20. patty

    i know of a coupl that got into a house cheap,fixed it up.then they refinanced 2 times. each time taking more money out of it.they paid their bills,paid their cars off,and walk away from their house.now the rest of us get to help pay for their mess.i know this is a wide spread situation.for the rest of us that work and pay our bills this is not right.that is the problem with the system,there is no accountabilty.easy come easy go .have a kid or two and the goverment will heap. just ask.

    January 10, 2009 02:09 pm at 2:09 pm |
  21. Kat

    I believe Obama means well, but....what about the people out of a job that cann't work on a bridge or road. That is trained in the tech fields, and manufacturing plants? How about all the jobs that were lost due to NAFTA. We need to re-negotiate the whole think. Bring back the jobs lost from overseas deals and our country will be in better shape along with booting out the illegals and other people that have overstayed their welcome, especially the ones here illegally, ones that are draining our hospitals, schools, welfare systems. People, come down hard on the employers that are hiring these people, please wake up and get this country back in shape. We are not a Welfare country, like it has been in the past decade. It has to stop, people living on welfare that can work, go to work. If not here legally, make them get ou, no jobs. It should be obvious by now, even though congress is still willing to pack on the pork in any and all bills, I suggest limit terms in office for all senate and representives, 3 yr. term max.. New blood and do away with the presential office all together. Look at all the money we waste in Washington by have all of these different position and Congress is allways the one with the last say so anyway. If any stimulus money needs to go out, it needs to go to people that are unemployed, not illegals. Our citizens are the ones who need it the most. Hello...... is anyone listening?

    January 10, 2009 02:09 pm at 2:09 pm |
  22. grey

    I hope our country falls right on its a$$ and we are all forced to eat humble pie.

    January 10, 2009 02:10 pm at 2:10 pm |
  23. Richard

    you know people found out how to cheat the system and make money by pretty much doing nothing. Buying and selling. Well the system is hitting back, and I can't fee bad for the people who lost their wallstreet jobs.

    sorry guys, you lost ur jobs because they were never really needed in the first place. If you are unable to do anything else, you're pretty much useless and you shouldn't have a job.

    If you're intelligent enough you will figure out something to make ends meet. You might have to get a job that doesn't involve sitting around twiddling ur fingers all day.

    January 10, 2009 02:11 pm at 2:11 pm |
  24. TAV

    Dovera January 10th, 2009 1:42 pm ET

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

    Nice point Dovera .... God this is such a sad but true statement ..... Although Bush pretty much had a policy of doing nothing. Oh except running around spreading democracy. Something he said we should never do at first. Thought he was not supposed to change his mind? But he did didn't he? On global warming, on government intervention, on being dependent on oil being bad for us, on talking to Iran, ... boy seems like he changed his mind a lot for someone who is not supposed to. Almost Flip Floppy eh?

    January 10, 2009 02:13 pm at 2:13 pm |
  25. Darryl Schmitz

    Borrowing more and printing more money will create the illusion that things are getting better, but in the long term will make the eventual collapse of the economy much more severe than it would be than to take the pain now and make the necessary reforms to prevent unsupervised abuses in the financial sector again.

    January 10, 2009 02:13 pm at 2:13 pm |
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