Obama, Bush respond to bleak jobs report
President-elect Barack Obama, who is pushing an economic stimulus plan to create or save 2.5 million jobs in his first two years, weighed in this morning on the sobering new jobs report.
The 533,000 jobs cut in November were the most in 34 years and pushed the unemployment rate to 6.7 percent, a 15-year high and up from 6.5 percent in October.
"The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend," he said in a statement.
"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But now is the time to respond with urgent resolve to put people back to work and get our economy moving again. At the same time, this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil, and making an early down payment on the long-term reforms that will grow and strengthen our economy for all Americans for years to come."
President Bush tried to reassure Americans and the financial markets, coming to a microphone outside the White House to say that he is concerned about workers losing their jobs and is focusing on the root causes of the recession.
He said moves to unfreeze the credit market are starting to work. He also said he is worried about ailing automakers, but doesn't want more taxpayer money given to them without real reform and without guarantees that the loans will be repaid.
"My administration is committed to making sure the economy succeeds," he said.
John Sweeney, president of the AFL-CIO, the nation's largest labor federation, issued a statement:
"Today's jobs numbers are an economic code red for our country's working families, and layoff announcements this week signal that things are only getting worse. Our nation shed 533,000 jobs in November, the greatest monthly drop since 1974. Since the recession began last December, the economy has lost 1.9 million jobs. The unemployment rate has spiked to 6.7 percent. This is no time for the complacency we're seeing from politicians who seem to be trying to out-Hoover Hoover. While Barack Obama's new economic team looks forward to tacking this crisis next month, we need action on a major jobs-producing economic stimulus now.
"As families continue to lose jobs and homes, we need urgent action from Congress on a bridge loan to our struggling auto industry to prevent a devastating acceleration in job loss and economic catastrophe. And Congress must pass a $450 billion economic recovery package that provides fiscal support to struggling state and local governments to maintain vital services, extends unemployment benefits and invests in infrastructure development to create good, green jobs.
"But immediate solutions are only one piece of the puzzle. President-elect Obama has pledged to enact broad-based economic reform to save the middle class. He will need to act swiftly to put an end to the chorus of deregulation that let Wall Street spiral out of control. Our nation's banking and financial sectors urgently require increased government oversight to safeguard working people's hard earned money. From health care to trade policy, we need leaders who have the courage to put working people's interests ahead of the corporate bottom line. No economic reform will be complete without restoring workers' freedom to form and join unions to bargain for better wages and benefits. Without it, working people will lose their toehold on the middle class."
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WOW, a President who speaks english??????
With intelligience???
I'm really looking forward to some real progress.
As one of the MANY families in crisis, I find the governments approach so discouraging. Our government bails out the banks, and yet the banks and mortgage companies are not willing to help out their customers. I have made several calls to my mortgage company, asking for help so I don't lose my home. After being laid off and unemployed for 7 months, I am working again, but at a significant pay decrease. I asked my mortgage company if I can defer a few payments to catch up and get back on my feet, and their suggestion?? Lower my bills!!! I have a gas and electric bill, everything else is turned off already, but I guess my bills will be lower once they foreclose. They can own another house in my neighborhood. So now we will bail our the car makers, even though their CEOs makes in one year more than the average person will make in a lifetime!!!
What does the man who abdicated the position of president to Obama but retains the power to do something think? What does that official think should be done? Where does he see this country being in six or twelve months. If he thinks sitting on his hands is sufficient, why? Does he envision himself as president to all the people or only his political constituency?
Is there anything this moron won't comment about ??? Every single day he is yapping about something, when he has not even taken office yet. This tool needs to shut the hell up until he takes the oath of office.
And even when he does speak he says nothing of importance. He is a master at stating the obvious. But he wants it to seem important, after all it's al coming from "The Office of the President Elect" which is just a front for Obama's enormous ego.
This guy really does think he is some kind of demigod.
Why do we have to wait until Jan 20? This is what I dislike about our system...it takes so long to do anything...this is not the world of 1787...inauguration festivities and parades should be eliminated and the swearing in should take place one week after votes certified. We are wasting too much time with all this stuff.
"The working man is a sucker."
Why work? Seriously. You are better off living off the government.
Agree with all of the above. However a critical investment in new jobs that would be vital to reducing costs of living, and essential to long term growth is building a new national electric grid. It is necessary for incorporating alternative energy sources to supplement (and eventually replace) conventional carbon generating plants. We need to be energy efficient.
He sounds like he's still running for office. I agree with Frank that it will be a pleasent change to have a president who can speak English, but tell us HOW he intends to do these great sounding things. Just HOW is he going to help out people like Debbi (above). We don't need any more rhetoric, no matter how eloquent, we need concrete answers.
I too am looking for progress over the next four years. I see more american buildings being bombed, more americans being killed domestically and more (and more) taxes. So, there will be more construction workers needed to rebuild this country and less people to fill those positions. Sounds like real progress to me. However, I do have a great deal of confidence that Barry and Nancy will do a great job of redistributing the wealth.
BTW, will the Whitehouse switchboard be outsorced to Kenya??
Unfortunately creating jobs requires a massive program that recognizes the workforce transformation that is taking place. Many companies will permanently downsize and move to a smaller permanent force which will then manage a larger temporary/contractor workforce. The good news is that the jobs are likely to still be there, but will require a different set of skills, a new compensation, tax, and benefit structure that will be largely self-managed. This requires creating initiatives in the public, private, and academic sectors to oversee and encourage this transformation expeditiously and as humanely as possible.
GWB was responsible for this meltdown. He & his team resisted regulation of the fiscal areas. It then moved to the housing crisis. He has just purchased a house north of Dallas in a very exclusive area. He should burn in Hell for sending over 3000 Americans to their death in Iraq
Lots of nice words from Obama but he says nothing. He is trully an inexperienced empty-suit. My income has tripled in the last 8 years and the High-Tech sector is still going strong. Much of the economic problems today were self-inflicted. This is not a problem with Capitalism. It is a problem with people buying on credit with little money and the government forcing banks to loan to these people. Oh, let the automakers file for Chapter 11. It is the only way to fight the Unions and their Democratic enablers.
While Barack Obama's new economic team looks forward to tacking this crisis next month, we need action on a major jobs-producing economic stimulus now.
tackling
We built a house of cards with the help of those who thought it was a great idea to loan too much money to people with too little income. We are paying a huge price for management/union stupidity- with cheerleading from Washington- that awarded pay, pensions and benefits that were always and are unsustainable. We've propped up bad companies and become uncompetitive and lazy. Our leaders demagogue the issue of global competition instead of supporting and encouraging exellence.
As long as we blame Bush alone and ignore the root causes this thing will not only continue for longer than it should but it will happen again. One clear indication that Washington does not get it is that it is obviously foolish to throw good money after bad, which is what Bush has done and our President Elect is poised to do. I'd rather have inaction than negative actions.
Cut the corporate income tax rate, lower capital gains, cut taxes on the middle class and small businesses and you'll see the economy heat up again. Put the money in the hands of government decision makers who have never held a real job or run a business or with CEO's of poorly run companies and you may as well flush the money down the crapper.
Beware America, New World Order....Are being led down the wrong path deliberately ? Debt got us into this mess (Tax cuts, wars, spending), We continue to throw gas on the fire. Wealth may shift from Socal Sercurity, Welfare, Medicare, Government entitlement (retirements) to Bankers (World Bank). Are we being Enron'ed...
What needs to happen is first they must stop all foriegn aid ,aid America not its enemies. That wont happen. Any country that puts tarriffs on are exports we put tariffs onthere imports . Get out of Iraq and afganastan as fast as possible . Start making are own shoes again are own clothes and are own electronics ect . None of this will happen because the goverment want everyone to be poor so they can control you .
To...Ron M
...and there is nothing more that the moron Bush can say that will give anyone a warm and fuzzy. I think you are one of those Bush diehards that like the orchestra on the Titantic, will go down while flapping your jaw about nothing that makes any sense. What do you expect any President-Elect to say when he is inheriting a "train wreck" from the idiot that YOU voted for.
...Please keep your mouth shut unless you have anything to say of value..
Habe
President Bush may not be totally responsible for this financial crisis, because we now realize that this is something that was festering for the last 15-20 years, but he certainly has to bear most of the blame due to how far it has spiraled during his administration. There have been many warnings, as well as the knowledge that there were a lot of problems with the mortgage & credit system, especially during his administration. His only focus regarding the financial structure of this country was Deregulation, Deep Tax Cuts for the Wealthy, & the largest Corporations, as well as ignoring the need for true energy reform in this country. He continues to push these same ideologies as this country fall deeper toward a depression & he would rahter stand by while the Big 3 Automakers veer toward total failure, which would certainly put this country into a depression. He is blaming Congress, yet he is not saying or doing one thing or offering any proposal in order to sway certain members of Congress to get a solution passed. Yet these same politicians gave away close to a trillion dollars to the greedy thieves on Wall St, in order to help Main St. Not one sign has yet been seen that that Free Money is going to help Main St. But the Thieves of Wall St continue to meet in their posh offices & smoke their Cigars & actually devise ways in which they can put more of this money in their own pockets, while Main St has lost trillions of dollars in their pension & investment funds & many will soon be homeless. All they have ever done was to plan parties in posh resorts where they continue to devise ways to invest OTHER PEOPLE"S MONEY in order to have more money available to steal for themselves, & we just gave them close to a trillion dollars more. What a Nation full of SAPS.
I hoping there will be a punching bag with Bush's face on it in my stocking this year.