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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