Obama expands economic plan to create 3 million jobs

Chicago: US President-elect Barack Obama is expanding his stimulus package with a goal of creating or saving 3 million jobs over two years, a transition aide said.

The revised target, up from 2.5 million jobs he previously announced, came at the suggestion of Christina Romer, Obama's pick to head the Council of Economic Advisers.

Romer said during a December 16 meeting that the short, medium and long-term economic forecasts have worsened since Obama outlined the plan on November 22.

Romer said the economy is likely to lose 3 million to 4 million jobs over the next year and the unemployment rate is likely to rise to above 9 per cent.

As a result, she said, the initial jobs estimate for the package was too timid, according to the aide.

Obama has made his first priority after he takes office January 20 to sign an economic recovery package with a significant focus on infrastructure projects to help boost jobs.

Obama also said he wants to enact measures designed to protect workers and families from future recessions.

Obama representatives will met this week with congressional staffers to discuss a plan estimated between $675 million to $775 billion, the aide said.

We hope Obama will perform well during the crisis, as he had been brought up in the middle of it. We need such people as leaders.
Raj
Dubai,UAE
Posted: December 21, 2008, 13:43