Jobs reports

The latest government jobs report is not great and there are four more reports of this kind left before the Nov. 5 election.

Due to the financial crisis in Europe, there is more than a small possibility that some or all of these reports could be discouraging no matter what the Obama administration does.

European and US banks have become increasingly intertwined.  The financial crisis that occurred in 2007 hurt both the US and Europe.  The banks in the United States and Europe lend to each other and they fund big projects across the "pond." 

Because the crisis is so severe, it is bound to have an impact here in the United States.  Money for new investments in business or to keep already existing companies afloat is drying up on both sides of the Atlantic.

Potentially, this could hurt the Obama campaign, but there are ways to handle these jobs reports.  First of all, they could discuss as much as possible other important issues.  As Fareed Zakaria noted, despite the harsh economy, most people are employed.

However, there is not getting around the importance of maintaining a good jobs market.  Therefore, the Obama administration will simply have lay things as they are in a manner which everyone can understand.

While the US economy may still be rough, it is nothing compared to what is going on in much of Europe.   This is because Europe chose a path of austerity -- cutting spending -- similar to what Mitt Romney and the Republicans want to do here.

Europe took the wrong path, but there problems are starting to spill over into our borders.  What we do not want to do is follow this same plan of making deep spending cuts and, in the process, destroying the jobs and consumer market!

The Obama campaign has to make it clear that the Romney/GOP plan will spell doom to an economy that was just beginning to recover.  Another thing that the administration may need to address is how to help stabilize things in Europe.

The president has started talking about this and they really need a plan because the situation there is very serious.  If a nation like Italy, or even France, has problems similar to those plaguing Greece, then the repercussions can be extremely harmful.

Bipartisanship difficult on economic issues

Progressives and conservatives can often get together in times of crisis especially when it involves issues of national security.

On economic issues though -- things like taxes, deficits and spending -- it has always been much harder to get them to agree with each other. Indeed, often consensus is difficult on economic matters even among members of the same party.

So it may be that the Obama administration will have to ramrod the president's economic stimulus plan through the House of Representatives with mostly Democratic votes. There may still be some time to get more Republican support before the Senate votes on the package.

If only for political reasons, members of both party know that something needs to be done quickly as thousands of jobs are lost everyday. Moving forward alone though can be risky for the Democrats. If the stimulus plan is seen as failing, then the Republicans can use that failure as political ammunition come election time.

BBC News

Obama seeks Republican support for stimulus plans
Reuters - 42 minutes ago
By Thomas Ferraro and Caren Bohan WASHINGTON, Jan 27 (Reuters) - Democratic President Barack Obama struggled on Tuesday to placate Republicans in Congress who insist his $825 billion plan for reviving the troubled US economy should include bigger tax ...
Video: Obama, GOP Leaders Meet on Stimulus AssociatedPress


Obama Visits Capitol to Press Republicans on Stimulus Plan New York Times

Speaking in hard-hit Ohio, President-elect Barack Obama said quick action was needed to fix the economy in the near and long term.

Obama said his economic stimulus plan would create good-paying jobs -- about 90 percent in the "private sector." He said that his "first job" is "to put people back to work."

Public sector jobs are actually a very quick and efficient way to put people back to work right away. With private sector contracts there is a long bidding process a lot of the money tends to go toward executive salaries and perks like corporate jet travel. Franklin D. Roosevelt and Lyndon Johnson popularly used public works programs to employ the jobless.

CBS News

Obama: 'Dramatic action' needed now to fix economy
The Associated Press - 1 hour ago
BEDFORD HEIGHTS, Ohio (AP) - President-elect Barack Obama made a pitch for his massive economic stimulus plan at a Midwestern factory that makes wind turbine parts, saying Friday his plan would make smart investments in the country's future and create ...
Video: Obama: 'Dramatic Action' Needed to Fix Economy AssociatedPress


Obama says his 'first job' is to 'put people back to work' USA Today

Barack Obama announces job creation plan

Addressing the nation on his YouTube/radio address, President-elect promised a plan that would create 2.5 million jobs by 2011.

The plan is not worked out yet, but from the video it sounds like it will involve repairing crumbling infrastructure and investments in new green energy. No estimate on a price tag, or method of payment either. Hopefully it will involve raising taxes on the wealthiest Americans.

FOXNews

Obama’s Radio Address
New York Times - 1 hour ago
Following is a transcript of President-elect Barack Obama’s radio address for Saturday, Nov. 22, as released by the president-elect’s office.

Plan would create 2.5 million jobs by 2011, he says CNN

Barack Obama on Jobs and the Economy

Obama on Job Issues

• Wants to end tax breaks for companies that outsource.
• Make miminum wage a living wage.
• Supports unions and organized labor.
• Does not believe tax cuts for rich create jobs.
• Has detailed plan for improving urban and rural development.
• Obama voted FOR raising the minimum wage to $7.25 (2005 & 2007) and FOR restricting employer interference in union organizing (2007). The AFL-CIO has given him a rating of 100%.

Barack Obama on the Economy