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How to Negotiate Your Personal Bailout
Anna Hennings / HRGuru
February 10, 2009
3 Million Jobs
Obama’s plan is geared to create or save 3 million to 4 million jobs — 42% of which, the administration is reporting, women will obtain.
Where and what are those jobs, exactly?
Political journalist Richard Wolf wrote an eye-opening article published in USA Today on Tuesday outlining the promising look the new plan gives to the job market. Here are some highlights:
As the Senate began debate on the package Monday, much of the focus turned to jobs: How many there would be, how quickly they could be created, how much they would pay and with what benefits, and who would get them.
“The bottom line is this: You’ve got a piece of legislation that creates jobs, [90% of which will be in the private-sector],” White House spokesman Robert Gibbs said after several questions.
… The quickest infusion of money into the economy under the two-year, $819 billion House bill or $885 billion Senate version would come from aid to states, help for the unemployed, and tax cuts for consumers and businesses. Those produce jobs indirectly.
Then there are jobs that would be created as a direct result of new spending on education, health care, renewable energy sources and public infrastructure such as highways and bridges. Those could take longer to materialize — well into 2011, the White House says.
The largest increases, the report says, would be in construction, manufacturing, retail trade, and leisure and hospitality, which employ large numbers of low- and middle-income workers.
… Christina Romer, chairwoman of the Council of Economic Advisors, and Jared Bernstein, Vice President Biden’s top economic adviser, project that 1.5 million jobs would be created directly and 2.2 million as a result of indirect improvements in the economy. Figures, they say, are subject to large margins of error, “… because the current recession is unusual, both in its fundamental causes and its severity,” Romer and Bernstein wrote.
USA Today content courtesy of YellowBrix, Inc. © 2009
