Tags: obama | stimlus | jobs

Obama Stimulus Jobs Won't Last Long

By    |   Monday, 09 Nov 2009 09:24 AM

The Obama administration has said that the $787 billion fiscal stimulus package saved or created 640,000 jobs so far. But, many of those are temporary.

And the same is true of the hundreds of thousands of jobs that are still to be added through the package.

The problem is that most of the projects formed under the stimulus last only until the work is done or funding ends.

Of the nearly $500 billion in the package allocated to new projects, only $100 billion is slated for long-term programs, such as health research and green energy projects, White House spokeswoman Elizabeth Oxhorn told CNNMoney.com.

"The bottom line is these are meant to be stop-gap measures," Doug Roberts, chief investment strategist at ChannelCapitalResearch.com, told the news service.

"This is fairly typical in stimulus plans. It's the same as it was in the 1930s: to put people back to work, the government looks at all of the stuff that was on its to-do list."

The idea is that when the economy bounces back, the short-term workers will be able to find full-time jobs.

But if the economy doesn’t rebound much, those people will be out of luck.

Nobel laureate Paul Krugman says the fiscal stimulus package was too small to put much of a dent in the jobless rate, which rose to 10.2 percent in October.

"Unless something changes drastically, we’re looking at many years of high unemployment,” he wrote in The New York Times.

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The Obama administration has said that the $787 billion fiscal stimulus package saved or created 640,000 jobs so far. But, many of those are temporary.And the same is true of the hundreds of thousands of jobs that are still to be added through the package.The problem is...
obama,stimlus,jobs
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2009-24-09
Monday, 09 Nov 2009 09:24 AM
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