At a job summit that took place Dec. 3, President Barack Obama and other Democrats circulated ideas on how to reverse unemployment and fund the effort. During the summit, how to pay for state aid, unemployment benefits, tax credits and other incentives for job creation were all discussed.
Unemployment on the Rise
In recent months, unemployment has surged at an unexpected rate. From September to October, the number rose from 9.8 to 10.2 percent, meaning one in 10 capable workers are out of a job. To try to solve the problem, Obama and members of Congress have been working to create jobs through a variety of initiatives, including a stimulus package that so far has been reported to create over 600,000 jobs. But with unemployment in the millions, it has become apparent that more needs to be done.
The Job Summit
A few months ago, Obama announced that he would be holding a job summit that would pull together more than 100 economists, business and union leaders to come up with ideas on how to create jobs. The summit was held on Dec. 3, and from reports, the agreed-upon conclusion was that a decision must be made on how to pay for more jobs to be created.
One idea that came from House Leader Nancy Pelosi was that some leftover TARP (Troubled Asset Relief Program) bailout funds from last year to help pay for job creation. Also, a proposal to extend unemployment and health benefits as a safety net (which would cost about $100 billion) was considered. The White House has yet to propose its own package of proposals but appears ready to consider those already on the table.
Obama’s official address on unemployment will come during an economic address on Tuesday morning at the Brookings Institution. There he plans to offer some specific ideas on job creation.
How do you think Congress and the White House should go about creating more jobs?
Why isn’t anyone, in a position to do so, recommending the creation of a national jobs retooling program that will offer opportunities for out-of-work individuals to gain new workforce skills that are increasingly in demand, but difficult to fill because the workforce isn’t up to speed.