The President’s Plan Expected to Create Over One Million Jobs

10 Sep

barack obama's jobs plan

Your Black World reports

The economics community has given generally favorable reviews to President Obama’s new jobs proposal released earlier this week, stating that the plan could produce over a million jobs.  The positive response has increased the chances that the plan could be passed by Congress. 

The most impressive part of the plan, according to economists, is a suggested payroll tax holiday.

"This additional spending capacity in the hands of consumers should continue to foster improvements in aggregate domestic demand. And ultimately, it is demand and demand alone that will lead to more business hiring," said Russell Price, senior economist for Ameriprise Financial Services.

Price also estimates that Gross Domestic Product could be increased by 1.5 percentage points as well.  The expected success of the plan may also lead to Republican opposition, since a strong economy would bolster Obama’s chances for re-election. 

"Given the elevated risk of recession the U.S. faces today, additional near-term stimulus reduces that risk," said Joel Prakken, chairman of Macroeconomic Advisors told CNN. "Given the deleterious effects of long-term unemployment on an individual’s skills and long-term employment prospects, speeding a return to employment is both individually and socially beneficial."

Some, such as Mark Zandi, Chief Economist for Moody’s Analytics, expects that nearly two million jobs could be created by the plan.  Zandi says that the implementation of a strong jobs plan could boost confidence among consumers and producers, leading to greater economic activity.

"Investors, consumers and businesses appear shell-shocked by recent events," he said. "Confidence normally reflects economic conditions; it does not shape them. Yet at times, particularly during economic turning points, cause and effect can shift."

It appears that President Obama has scored a major victory with his speech.  The next battlefield will be on Capitol Hill, where Republicans are prepping for reelection.  Their strong opposition to President Obama leads some to believe that they would rather see the economy crash than to have Barack Obama reelected. 

The Rev. Jesse Jackson has called for all Americans to support President Obama’s economic plan.  He stands among a chorus of African American leaders who are throwing their support behind President Obama.  The fight is expected to be intense.

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4 Responses to “The President’s Plan Expected to Create Over One Million Jobs”

  1. Danette Chavis September 10, 2011 at 4:36 pm #

    ALL I CAN SAY, IS THANK GOD FOR “ELECTIONS”!THE CREATIVITY IN COMING UP WITH A PLAN FOR THE CREATION OF JOBS (WHICH WAS M.I.A. BEFORE HAND)JUST SEEMED TO MANIFEST “OUT OF THIN AIR”…LOL.. IT’S AMAZING WHAT YOU CAN “COME UP WITH” WHEN FACED WITH THE POSSIBLITY OF “NON-ELECTION”. PERHAPS, WE SHOULD ALL RALLY FOR A “TWO YEAR” PRESIDENCY; ELECTIONS WOULD COME MUCH SOONER AND WE’D ALL HAVE “ANOTHER OPPORTUNITY” TO SEE “CREATIVITY AT WORK”. SO LET’S SAY WE “STORE UP” ON THE “GOODIES” WHILE THE “GETTING IS GOOD”? FOUR YEARS IS A LONG TIME TO WAIT, BEFORE “FINALLY BEING ACKNOWLEDGED”…LOL..SO IF THERE IS ANYTHING FURTHER WHICH NEEDS TO BE ADDRESSED “SPEAK NOW”!! FOR IT WILL BE “FOUR MORE YEARS” BEFORE YOU’ll BE “HEARD”. OH, BUT THAT’S RIGHT! HE WILL HAVE SERVED HIS EIGHT YEARS AND WILL NO LONGER BE IN THE “RUNNING”. ALL THE MORE REASON, TO “GET IT ALL NOW”!!! CAUSE IF YOU THINK YOUR BEING “CRAPPED ON” WHILE THIS “BLACK MANS” IN OFFICE – WAIT UNTIL HE LEAVES…

  2. Who's really winning? September 10, 2011 at 5:43 pm #

    I truly hope politicians put the vitality of the economy before politics. If a politician has issues with the job bill, they need to offer a solution. But as a voting and vocal citizen, Congress better pass this jobs bill. Whether in the original form, or a slightly modified form. But it better happen by the end of this month, or turnover in Washington will be inevitable.

    The only reason a politician would oppose this jobs bill is due to politics or racism. And I expect any unreasonable oppositionists to be exposed by our media and leaders.

  3. Danette Chavis September 10, 2011 at 10:36 pm #

    WHAT AN “INTRICATE POT” HAS BEEN “SET UP” FOR BREW…REFUSING TO SIGN THE BILL, MEANS OBAMA WINS. FOR HE HAS PUT FORTH HIS “CHALLENGE” AND DARED “NOT TO SIGN. AND IF THEY “REFUSE” THEY ARE “DEFEATED” AND HE IS THE “VICTOR”. AND WILL HAVE SURELY SHOWN HIMSELF TO NOT BE “OF BLAME” AND THE MASSES SHALL RALLY AROUND HIM, IN “SUPPORT”. IF INDEED, THEY “SIGN IT” HE WILL HAVE SHOWN HIMSELF ABLE TO “STAND UP” AGAINST THEM. AND WILL HAVE PROVEN, THAT THEY ARE “NO MATCH” FOR HIM. BUT WHAT IF THE “UNEXPECTED” OCCURS..AND THEY NO LONGER RESIST AND GRANT “ALL POWER” AND “ALL AUTHORITY” AND MAKE INDEED “NO SUCCESSOR” AFTER HIM? WHO WOULD OPPOSE HIM, AFTER SUCH A “VICTORY”?

  4. Deborah September 11, 2011 at 3:40 pm #

    Dannette…I hope and pray that the American people can see through his political game.
    Everything he proposed in his jobs speech are short term proposals just to get him through 2012 election.
    The 4 thousand tax credit to hire those who have been umemployed for 6 months will hurt low wage employees. If an employer can hire someone at $4 an hour instead of $7 an hour they will do so. And when the WH comes out will the jobs created by this plan they will not report those who have lost their jobs..
    Giving a payroll tax cut will only further destabilize SS. These monies will not go into the trust fund, if there even is one.
    This was just a superficial attempt to get him reelected and will nothing for the economy or in any way will produce more jobs.
    God help us.

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