January 10th, 2009
09:45 AM ET
11 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. DEE

    "New Economics 101" I'm Broke, I have nothing to my name; so therefore: I spend like there's no tommorrow. My plan equals the Great One's plan. The first bailout didn't work; so what makes all of you think the second and third ones will? Government "Stay out of our Lives".

    January 10, 2009 02:52 pm at 2:52 pm |
  2. thinkpeople

    Throughout history, presidents have had extended family members, like mothers in law, live with them. Read a little history before you try to act like Obama is taking advantage: there is lengthy precedent for this. As to the language of job creation–Obama has been saying "save or create" for weeks. By "save" he means making provision for jobs on the brink of being, or already, eliminated–which, in effect, is creating place for eliminated posts. Finally, those who claim this won't work–while I sympathize with the fear about the size of the deficit–are missing the key point: nothing else has worked, and we have precious few viable options left.

    You nay sayers are really stretching, aren't you? THink, people.

    January 10, 2009 02:54 pm at 2:54 pm |
  3. RC

    I'm willing to be patient and support our PE. My gosh, he's not even taken the oath of office and so many folks are already criticizing the economic bill that has'nt been even agreed on by congress. There is still some bi-partisan tweeking and agreement that needs to be done.
    Instead of worrying about what may or may not happen before Obama even is officially the pres, concentrate on taking care of yourself and exercising a little self-reliance. Government will not solve all our problems.

    January 10, 2009 02:58 pm at 2:58 pm |
  4. Scott

    Conservation, solar, wind and other clean energy systems can and will bring billions of energy profits home to all Americans. These technologies need to be available to all of us… not just a few oil companies, their CEO's and stockholders….available to the other 99% of us. Site based production of energy at the home or business, not only eliminates grid line loss of up to 70% (something utilities don't often mention), the expense of maintaining the grid, potential for terrorism, and puts the profits into the hands of everyone.

    This grand and bold move will solve much of our current economic problems, put millions of Americans to work doing so and provide a clean living environment for us and our children. Go for it Barack, doubling our existing production of alternative energy is a joke…we need and voted to increase it by thousands fold…not double it. Don't let the oil companies and their puppet politicians tell us that these technologies needs developed…or that it is undependable or any ot the other self serving denials of the truth.

    Solar, wind, and other energy production methods are proven, available and for real. They just need a level playing field with the petro's. The whole and true costs of clean energy is far and away the best investment economically and environmentally. With business, comes better production costs, efficiency and all of the wonderful benefits that putting the energy economy in the hands of the people would do. Time is of the essence!

    January 10, 2009 02:59 pm at 2:59 pm |
  5. Mary

    I want to know why obama is not going to include unemployees, and disable people in the new stimulus package, I think the people who need more help is the people who is no longer working and have no other income than the little benefits they get from unemployment or social security benefits. Some of this people have lost not only a job but also, a house and health insurance.

    January 10, 2009 03:02 pm at 3:02 pm |
  6. nazgul

    so, bo is going to create how many new jobs ???, well where is he going to get the skilled educated workers for those jobs? certainly not from his home city of chicago (where his new head (arnie duncan) of the department of education comes come), under the tutilage of arnie duncan the chicago public school system has the dibious distinction of being able to produce 2 college graduates for every 100 incoming high school freshman,. great ackomplishment !!!
    in chicago, the high school drop-out rate is right at 50%, i hope "the chicago way" does not screw up all of america's educational system.

    can't make good jobs if the workers don't have a good education.

    January 10, 2009 03:16 pm at 3:16 pm |
  7. Vence wilmington CA

    The stimulus paent will work only for short period of time to stimulate the spending not the entire economy, If we want to be again an economic power we need three things:
    1.- Stop buying any goods from China
    2.- start producing this good here with better quality and good price.
    2.- start inventing new technoligies to domestic consumption and exportation.
    In option number three we need protect invertors and inventions from piracy. we should do something about china piracy. The steal more than the somaly pirats.
    With that we will stop exporting jobs and start exporting goods.
    In order to achieve all this we need new people in washington not the ole good boys as usual.

    January 10, 2009 03:21 pm at 3:21 pm |
  8. miss blue

    The only reason the republicans are not supporting obama stimulus plan is because it doesn not cater to their rich friends. Unemployment is on a steady rise(yet they don't want to put money into unemployment are you kidding me?). Healthcare is a big sector than provides many jobs.if no money is put into medicaid a lot of hospitals will be losing much more funding than they already are because the unemployed will have no means of paying for healthcare services without the aid of MCD. ultimately there will be more hospitals going bankrupt due to no re-embursement .
    the energy industry does need upgrading and I'm all for saving money on my utilities.NY is expensive every penny counts. Plus its time to go green. The republicans should have been policing bush when he was making the stupid choices he was making we are in this mess with their help .

    January 25, 2009 12:22 pm at 12:22 pm |
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