Career and Job-Hunting Blog
Career and job-search news, trends, and scoops for job-seekers, compiled by the staff of Quintessential Careers.
|Career and Job-Hunting Blog Index|
|November 22, 2008|
U.S. President-Elect Obama aims at saving and/or creating at least 2.5 million jobs with bold stimulus plan.
The proactive two-year stimulus plan, which he discussed in his weekly radio address, will be a comprehensive effort to increase employment while addressing other serious problems in the country.
“If we don’t act swiftly and boldly, most experts now believe that we could lose millions of jobs next year,” Obama said. “[Our plan] will be a two-year, nationwide effort to jump-start job creation in America and lay the foundation for a strong and growing economy,” Obama said.
“We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead,” Obama added. (Watch the entire address here.)
The news could not come at a better time, as people seeking first-time unemployment benefits jumped to 542,000 — the highest level in 16 years; continuing claims for unemployment benefits were 4.012 million — the highest level since December 1982. Furthermore, more companies are announcing layoffs (none bigger than Citigroup, which not even survive its recent nosedive), and the Big Three domestic automakers face possible bankruptcy — which could cause a massive domino effect of job losses — without some sort of government bailout.
Job losses in November, which will not be announced for until the first week in December, are now expected to reach another 200,000, as 2008 looms as one of the worst years on record for workers and job-seekers.
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