Obama: Economy probably won't produce enough jobs until 2010

[onehandle]

Source: CNN



WASHINGTON (CNN) -- President Obama says that despite signs of economic recovery, the country will not see large-scale job growth until next year.

In a wide-ranging interview broadcast Sunday on CNN's "State of the Union," Obama said reversing job losses from the recession will come at the end of the recovery period, not the start.

Obama told CNN he believes the economy will be creating jobs through the end of 2009 -- but not enough to keep pace with population growth nor to make up for steep losses in employment that occurred earlier this year.

"I think we'll be adding jobs, but you need 150,000 additional jobs each month just to keep pace with a growing population," the president said. "So if we're only adding 50,000 jobs, that's a great reversal from losing 700,000 jobs early this year -- but, you know, it means that we've still got a ways to go."

Read more: http://www.cnn.com/2009/POLITICS/09/20/obama.king/index.html

[Jeep789]

1. I'd like to hear his suggestions for surviving another year

without a job. Plenty of people need the advice.

[laconicsax]

11. Probably 'sacrifices' again.

Either that or bootstraps.

[bluestateguy]

2. I suppose he could pander and tell people what they want to hear

but the fact is that George W. Bush left one significant mess that will take many years to clean up.

[onehandle]

3. Yep. nt

[TheEuclideanOne]

9. Wrong!

Everything started on Obama's first day of office :sarcasm:

[Larkspur]

4. What are the unemployed suppose to do during the meantime?

I always love it when politicians say job creation will happen next year, but millions are unemployed now and are running out of unemployment benefits.

[Odin2005]

19. Obama doesn't have a magic wand, and he's not a dictator.

[hedgehog]

5. When unemployment reaches a certain level, there should be an

automatic extension of benefits. If you're eligible for unemployment, by definition you had a job and lost it through no fault of your own.

Maybe the unemployment rate can't be zero, but the benefits should run long enough to cover you until you find work again.

[Walk away]

6. They have already extended it from 26 weeks to 79 weeks and..

they are talking about adding another 13 weeks after that. As well, the government is subsidising cobra cost by about two thirds. Plus there has also been a small increase in the amount of money paid out weekly.

For those who have been unemployed for over a year and a half without work there are programs to help with relocation if a job can be found elsewhere.

Because I am an independent contractor I am not eligible for any of this but I have several clients and friends who would be out of the homes right now without the help.

[Ruby the Liberal]

10. When did this happen?

When I got laid off, my paperwork from the state said 26 weeks.

[PSPS]

7. Where will the jobs be? What industries? What wages? Liveable?

So far, all I've heard is "optimism" that there will be new jobs for only half of those people newly coming into the workforce. So what about the other half of those? And what about the 26 million that have already lost their jobs?

BLS U-6 Unemployment Rate
-------------------------
May 16.4%
June 16.5%
July 16.3%
August 16.8%

Since most durable goods jobs have been sent overseas, all that's left is "leisure and hospitality" jobs. Is that where we'll find jobs for 26 million people?

[Downwinder]

8. Is that when we reinstitute the draft?

[amandabeech]

12. How about we suspend H-B, L-1 etc. as well as general immigration

until we start to generate enough decent jobs for those already here?

I know that is controversial, but a pause isn't the same as a permanent cessation of immigration.

[Mithreal]

13. Listen for the same in 2010, but it will be 2011, 2012.

Wouldn't want to upset the very wealthy and un-American corporations.

[liberal N proud]

14. Considering the mess he was left with in regards to the economy..

That would be pretty good turn around.

Don't forget, the economy was near collapse only last spring and 2010 is only 3 months.

I realize that when you don't have a job that is eternity, I have been there. But Obama can't work miracles.

[Freddie Stubbs]

15. If there isn't significant job growth in 2010, he will likely be a one-term President

[BuelahWitch]

16. Jobs picked up around Clinton's second year too

I remember 1993 was still pretty bleak, but '94 was better. You also have to remember that President Obama entered his term during an economic collapse and after 8 years of Bush. It was nowhere near as bad in 1993 when President Clinton entered office.
Not encouraging words to those who are hurting, but that's the way I remember it. :(

[KoKo]

17. Closer to 2012 unless some new Bubble or Discovery comes up...

Maybe our President knows something we don't know. I'd bet on the new "Bubble."

[Odin2005]

18. Good for him for being brutally honest, and using those pesky facts.

Won't stop the haters from sliming him, though. :(