World | USA
Barack Obama wants 2.5 million new jobs by 2010
President-elect seeks to stimulate American economy facing 'crisis of historic proportions'.
- Agencies
- Published: 15:55 November 22, 2008
- Image Credit: AP
- We'll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America, says Obama.
Washington: US President-elect Barack Obama said on Saturday he aims to create 2.5 million new US jobs in a two-year plan to simulate an economy facing a "crisis of historic proportions". a plan to create 2.5 million new jobs by 2010.
"We'll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy," Obama said in his weekly radio address.
Obama said that "financial markets faced more turmoil" potentially leading to a "deflationary spiral" that may plunge the nation further into debt and cost millions more jobs. New home purchases in October were the lowest in half a century and 540,000 more jobless claims were filed last week, the highest in 18 years, he said.
Job losses in the US have totalled 1.2 million this year as the economy entered a slowdown exacerbated by the worst credit crisis in seven decades. More firings will weigh on the economy and consumer spending, putting pressure on Obama and Congress to agree on legislation that will stimulate growth.
This year, the US economy has shed 1.2 million jobs, and Obama warned that millions more could be lost next year if there is no urgent action.
He cautioned, "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."
Obama said he intended to put people back to work rebuilding roads and bridges, modernizing schools, building wind farms, solar panels and fuel-efficient cars.
"I have already directed my economic team to come up with an economic recovery plan that will mean 2.5 million more jobs by January of 2011 - a plan big enough to meet the challenges we face that I intend to sign soon after taking office" on January 20, Obama said.
"We have now lost 1.2 million jobs this year, and if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year."
Details of the plan will be worked out in coming weeks.
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