January 10th, 2009
09:45 AM ET
6 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. Solid Voter

    I still have a job as of yesterday. If I get laid off at any point in the next 4 years I am going to lay the blame squarely at Obama's feet.

    January 10, 2009 12:48 pm at 12:48 pm |
  2. S Callahan

    Part of getting back on track is 'attitude'. Why be cynical...what is the gain there....if you're not part of the solution then you surely are part of the problem.

    Infrastructure is important...it creates 'access' be it by roads or technology..so that is a good start....with those avenues in place it alllows vision ...dreams come to frutation... and new ideas become reality....

    Let go of the past and move forward....

    January 10, 2009 12:49 pm at 12:49 pm |
  3. Scott

    What about annexing Mexico into the U.S.? All Mexicans would become American citizens and the U.S. would have a new frontier to drill for oil, coal, gas ect. The illegals would all then become legal and Mexican at the same time. Mexico the 51st state of the Union. They have resources and we have the technology to tap the profits. Think of the tax revenue that could be generated, not to mention the profit potential. Forget about the Middle East....Lets look to Mexico.

    January 10, 2009 12:50 pm at 12:50 pm |
  4. J in NJ

    How exactly do you determine if you have "saved" a job? I have searched the intenet and cannot find anything. I suppose if BHO says it is so than it must be true. By that logic Bush can say there may be 7% unemployment but at least he kept the other 93% employed right?

    January 10, 2009 12:50 pm at 12:50 pm |
  5. shelby

    Great to concentrate on infrastructure, but not all of the unemployed are able to operate heavy machinery or start a 4 yr.apprenticeship to become a pipefitter. What about all the people from the financial sector or people over 50? Do you really think your grandma can wield a jackhammer or drive a bulldozer? And if she could, would you want her in charge of making sure that bridge doesn't collapse?

    January 10, 2009 12:50 pm at 12:50 pm |
  6. KARINAVIVES3

    Sandy getting rid of 12 billion immigrants will make the us a safer place? what...its not like immigrants are all criminals. US Citizens won't take jobs that pay minnimum wage like immigrants do. so, that doesnt mean that more jobs will be availible for us. Everything that the citizens dont like to do we do.

    January 10, 2009 12:51 pm at 12:51 pm |
  7. Paul from Kissimmee

    My income has been cut in half. Should I cut spending? No, I'll just throw some money at it. Now I'm a democrat.

    January 10, 2009 12:51 pm at 12:51 pm |
  8. Al

    All that is going to happen is that taxes will be raised, our debt will increase and the money will be wasted. The House and Senate all need to be booted out and replaced. If you want change that is what needs to be done.

    January 10, 2009 12:51 pm at 12:51 pm |
  9. Obama 08

    Don, you sound pretty uneducated when you talk about us not surviving as a Democracy, and returning to the Republic we once were. Its hard for anone to take your grim prognostications for our country seriously when you don't seem to understand the meaning of the words "democracy" and "republic." A republic is a form of representative democracy, which the United States is and has always been since its birth. It doesn't change based on the name of the party in charge. Democrat and Republican are just monikers for political parties that exist within the same type of government. At one point, the party we know today as the Democratic Party was once known as the Democratic-Republican Party. The current republican party was born from the pieces of several parties, including the Whig party. Tell me, what form of governance is "Whig" governance? There are several other political parties that exist today with names like Green, Constitution, Libertarian, Peace and Freedom, etc.

    The lesson here is that you, sir, need to inform yourself on matters of U.S. history and politics before you come on boards like this and start spouting off your nonsense. It reminds me of a scene from the movie "My Fellow Americans" in which Joe American is giving a ride to two former Presidents and starts talking about Mt. Rushmore, but gets all the names wrong, and one of the Presidents goes off on him for teaching his son such erroneous history as fact. Its dangerous, and you should be ashamed of yourself for your ignorance.

    January 10, 2009 12:52 pm at 12:52 pm |
  10. Steve

    Every thing is Bush's fault. Everything that goes wrong in the next 4 years will be Bush's fault. Why? Because Democrats are like little children and never accept responsibility for anything they do wrong. All the crap Clinton caused, like the war in Iraq, and the Sept 11 attacks, and a housing policy that caused the collapse of our economy... ended up being Bush's fault. So just face it. No matter what goes wrong for the next 4 years, it won't be Obama's fault. It will be Bush's fault. Everything is ALWAYS the Republicans fault. Every time. Always will be. Ask any news reporter you want. Everything is the Republicans fault. Its not even worth discussing with these idiots. If it is bad... the Republicans did it. If it is good... the Democrats did it. Obama will TRY to save us all... because he's such a wonderful guy... a good Democrat. But... of course, if he can't... it will be because Bush left him such a mess. Either way he wins. Things go well... Obama did it. Things go bad... it isn't his fault... Bush did it. Democrats are like little children... always pointing the finger at some other kid... "He did it." The funny part is... most Americans are too stupid to see through this nonsense. I mean, we keep voting for the same two parties that always screw things up, and then blame each other, don't we? Just face it. The idea that there are always only two options, is ridiculous. Until we get legitimate third party representation in this country... we are doomed to repeat the same endless cycle of the two parties blaming each other... when the real problem is a two party system that locks out any REAL choices for the voters. But... for the foreseeable future... "Bush did it" ... will be all you hear from the idiot box in your living room. I swear... they are all just like little kids having a fight.... instead of rolling up their sleeves and doing their jobs.... you know.... the stuff we elected them to do. Just remember... whatever burning issue it is that made you vote for whoever you voted for... and four years from now... ask yourself... "Did they actually fix this?" You might be surprised.

    January 10, 2009 12:52 pm at 12:52 pm |
  11. Anthony

    Have the Governmen to buy all legit mortagages and only charge 1 to 2 % intertest. The intertest the government getting now is .0 to .25 on loans to big banks. That would save people hundreds of dollar on their home loans. The money saved by home owner, then could be used to buy stuff which in return pumps monies back to a weak economy.

    January 10, 2009 12:53 pm at 12:53 pm |
  12. Ilpalazzo

    Where are the details of this plan?! All Obama keeps giving are vague ideals and nothing solid! "There is a problem that has to be solved" and "Our plan will save jobs!" and "We need dramatic action!" Those aren't plans! Those are simply vague ideas pointed at the obvious! Sheesh.

    January 10, 2009 12:54 pm at 12:54 pm |
  13. john tyler

    JOYCE, I think you are being EXACTLY like those "Obama bashers". I have had the misfortune to take my children to the emergency room four times. The last time we waited for eight hours. In each circumstance people who spoke no English, had no ID, no insurance but many kids were there. Some had 'legitimate' emergencies however that was not the majority. The majority were there for basic medical care for their children. Now, could I have denied their children medical care if they needed even basic, no I do think I could have. The children did not ask to be in this position. Honestly, I could not have denied it to the parents either. However, I can not deny that the legal as well as illegal immigration into this country is a economic drain. I do not favor immigration except in VERY limited cases and I do not buy the argument that Mom or Dad crossed the border so now children and the dog must come too. NOBODY in this country should be penalized because they are immigrants and NOBODY in this country should have to pay or suffer because others are here without invitation or permission. Really the analogy is so easy if someone came into your house without permission, ate your food, made your kids wait in line after them, spoke a language you did not understand and were "Obama bashers" just how long would you put up with it? Now, if they fall on my floor I would make sure I did the best I could do to help them but be sure I would have already called the police first. When I pay my taxes I expect, I want, my taxes to help immigrants and native born alike. I do not want illegal people to benefit so freely. I also do not want to feel like a bad host... when this country can not afford 'its own' I think it is in very poor taste to invite more to the table. Oh, and I am sure you were trying to make a point but if every time someone misspelled a word or had some other error in their sentences .... well you get the rest. Its just a snide comment that really is getting way tiresome.

    January 10, 2009 12:55 pm at 12:55 pm |
  14. MK

    It's all hogwash.

    January 10, 2009 12:55 pm at 12:55 pm |
  15. tort

    Joyce,
    I enjoyed your response to Andy. We are all free to disagree but it's unfortunate that some of the least literate people in our society sound off and only display their inate ignorance. Unfortunately Andy's vote counts as much as everyone else's and the country suffers for it.

    January 10, 2009 12:55 pm at 12:55 pm |
  16. Brent

    Many people are talking about creating jobs, manufacturing jobs at that, back in the USA. Why do you think the Big 3 Car manufacturers are failing currently. Overpaid auto workers that put out a sub par product compared to the Japanese. Our issues in manufacturing go much deeper than lets just create jobs to create them. Someone has to want to buy that product.

    January 10, 2009 12:55 pm at 12:55 pm |
  17. Gene

    It's folly to argue that the way to get out of a crushing debt problem is to take on humongous amounts of more debt. It didn't work in the 30s; it's not going to work now. All of the components of the economy – government, corporations, and individual taxpayers – must get their own balance sheets in order, and not rely on the federal government to bail them out with a grand Ponzi scheme. If that requires liquidations and bankruptcies, so be it. In September, excluding entitlements of $40 trillion, the regular federal debt stood at $10 trillion. Now, we've taken on obligations of another $10 trillion – just since September! This cannot continue. The Asians will eventually lose their appetite for U.S. Treasury bonds, forcing the Treasury to increase interest rates and/or a currency devaluation. Right now, nobody expects that the federal debt will ever be paid off. Instead, it will be shifted to future generations, curtailing their standard of living. The best thing the federal government can do now is nothing, because there is no quick fix. But nobody wants to be told that the gravy train has come to an end. Instead, they want the government to bail them out, excusing them from their own overconsumption and reckless spending.

    January 10, 2009 12:57 pm at 12:57 pm |
  18. Subaru

    I trust in Obama's plan. When he says about building roads and bridges, that will help, construction/achitecture and obviously manufacturing companies like caterpillar/deere/etc. It will also pump up our financial sector as cash flows in. I have been in cost justification and i believe that with all the shipping costs involved, we can justify that we can make it cheaper and better in the US than in China or India. But it will be next to impossible to bring the service sector back, like call centers. To be very frank, I think India or phillipines is doing a good job in that sector, as in all my life I have a huge list of bad experiences with call centers and rude people on the phone in our country. People handling phones are much more educated and courtious. One of my friend says Immigrants take their jobs, although, my grandfather was also an immigrant and I'm sure his was too. SO america is a country of Immigrants and it respects whoever does he job better, whether it be citizen or immigrant.

    January 10, 2009 12:58 pm at 12:58 pm |
  19. nani

    I wonder about the Great Obama........................................................?
    Time will tell!

    January 10, 2009 12:58 pm at 12:58 pm |
  20. Jim

    Oh God, the ignorance of some of these comments...these illiterate, sometimes racist, largely uninformed posts are all the non-US world needs to see to know that they're winning the education race...

    January 10, 2009 12:59 pm at 12:59 pm |
  21. Val

    As an american president, he needs to remember he needs to save Americans first., and not to take care of the illigals/immigrants. He need to remove the illegals/immigrants from US who have taken American Jobs, who have abused and drained our Healthcare System and School systems, who are overcrowding our Jails, who are the highest percentage of those who have defaulted on their mortgages. He needs to punish the companies who hires the illigals. He also needs to clean the welfare systems. Many immigrants brought their old parents who have a lot money in the foreign bank but claim nothing to get free everything in the US from housing, food to healthcare. With national deficit so high, we can not allow those people abuse our systems anymore!!!

    January 10, 2009 01:00 pm at 1:00 pm |
  22. DavidinCA

    Once congress and the American population realizes that only 4 million jobs for another $800 billion is setting the bar very very low, Obama will have a hard time selling this plan. This weak objective should be a slam dunk and all it leaves us with in 4 years is a larger government to waste more of our tax dollars. Demand better performance for our money than that!

    January 10, 2009 01:02 pm at 1:02 pm |
  23. Robert Goudreau

    Would be a start to cap all salaries to 500K and anybody who makes over that, the surplues would be put back in the system,this would make everybody richer.

    January 10, 2009 01:04 pm at 1:04 pm |
  24. David

    Let's face it; opening up 3,000 new McDonalds isn't going to do much good for anyone. These "jobs" Obama is dreaming about are going to be those kinds of jobs. Jobs that let you know how screwed up your life is. Now while I am a believer that something is better than nothing and you should be thankful for what you have, you should strive for more. These jobs are going to be for people who are looking for something to do, not for people who are looking for something better. I may be wrong. I am the first to admit that I am on occasion. But whether I am right or wrong isn't the issue. What's important is that everyone is seeing the word "jobs" and thinking this is gonna be a really great thing....but nobody is stopping to think, "what kind of jobs?"

    January 10, 2009 01:05 pm at 1:05 pm |
  25. t

    do think this guy is the Baby Jesus??? Wake up people this is Socialism!!!!!!!!

    January 10, 2009 01:05 pm at 1:05 pm |
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