Obama & Biden React to Job Loss News
EmailWith Friday’s announcement that last month the country suffered its worst job losses in the last 34 years, President-elect Barack Obama called for an "urgent" response to the financial crisis and Vice President-elect Joe Biden announced the creation of a new economic position within his office.
"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 in a statement. "But now is the time to respond with urgent resolve to put people back to work and get our economy moving again."
On Friday morning, the Bureau of Labor Statistics announced that the nation’s employers had cut 533,000 workers from their payrolls last month.
The President-elect called the news "more than a dramatic reflection of the growing economic crisis", noting that "each of those lost jobs represents a personal crisis for a family somewhere in America."
Obama reiterated his call for an Economic Recovery Plan to save or create 2.5 million jobs during his first two years in office. Specifically, the President-elect emphasized the need for improving the nation’s infrastructure by rebuilding roads and schools, investing in green technologies, and reforming the nation’s budget.
Hours later, Biden announced the creation of a new position within the Office of the Vice President: Chief Economist and Economic Policy Advisor. The Delaware lawmaker named economist Jared Bernstein to the new post.
"Jared Bernstein is an acclaimed economist and a proven, passionate advocate for raising the incomes of middle class families," Biden said. "His expertise and background in a wide range of domestic and international economic policies will be an invaluable asset to the Obama-Biden Administration."
Bernstein has been an economist at the Economic Policy Institute since 1992, as well as serving from 1995-1996 as Deputy Chief Economist for the Labor Department during Secretary Robert Reich’s reign in the Clinton administration.
"It’s an honor to have him on my team and I look forward to his advice and counsel," said Biden.
The statement announcing Bernstein’s appointment praised him as an "expert in the areas of federal, state and international economic policies, specifically the middle-class squeeze, income inequality, trends in employment and earnings, low-wage labor markets, poverty and international comparisons."
– Jake Tapper & Matt Jaffe
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The best thing Bush could do for the country is to resign right now and let Obama take over. It’s clear that Bush plans to do nothing during this key time. The only thing worse for the nation than Bush doing nothing is Bush trying to do something!
Posted by: hopesprings52 | December 5, 2008, 1:15 pm 1:15 pm
Concerned in OH: “We all know Obama is Bush 2.0?” You seriously think Obama and Bush are cut from the same cloth? What evidence do you have? I mean considering Obama hasn’t even been sworn in and has not historical evidence of actions as the President, where are you drawing your conclusions from? Facts are facts. Under the Clinton Administration, the country flourished. And the Bush Administration failed. Under the Obama administration the country…………. Oh that’s right, he’s not in office yet so we don’t know the rest of the sentence.
Posted by: WeaponX | December 5, 2008, 1:30 pm 1:30 pm
concerned in Ohio. No we dont know that Obama is Bush 2.0. And the Cheney comparison is lame also. Why not give them an actual chance to take office before you start sniping.
Posted by: parrothead | December 5, 2008, 1:48 pm 1:48 pm
This is getting ridiculous. This transition period is killing any momentum Obama had in getting this economic stimulus plan in gear. Bush really plans on doing nothing and is making the Democratic Congress do the heavy lifting politically. Obama does not have the authority to really enact any law, but Obama is going to have to step into the leadership breach. And, Obama is going to have to make it clear to Barney Frank just who is in charge. Obama can start that process now. This is what I was afraid of. Obama is going to have his hands full trying to control Frank, Pelosi, and Reid. Raul Emanuel is going to have to start making phone calls and get this people in line.
Posted by: Laura Brown | December 5, 2008, 1:49 pm 1:49 pm
Just wait til they ban coal power and half of our energy needs and all of those employed by them are eliminated. Ahh Jimmy Carter, we have missed you SO MUCH!!! Here we go back into the 70′s all over AGAIN!!! You wanted “Change”… YOU GOT IT!!!
Posted by: please! | December 5, 2008, 1:56 pm 1:56 pm
If we are to get this train running in the right direction we need to allow all men of good will a chance to advise and teach what they know to all the people running this country. Chaney was not doing anything but telling Bush to listen to Rove. They did not even look at the economy until it fell apart. If VP Biden can listen to wise men and get a handle on what the heart beat is out here maybe he can talk to Pres. Obama about the issues in a wise and educated manor. How is that Bush 2.0 ? Explain yourself.And try to keep you snide silly remarks in check until you find a real reason to speak up.
Posted by: Bonnie Kimberly | December 5, 2008, 1:58 pm 1:58 pm
WE HAVE ONE PRESIDENT AT A TIME. We can not do anything but educated our selves and line up people to help. You can blame G W Bush and gang for the mess we have NOW going forward I hope it gets better and blame is not the only issue in the blogs.
Posted by: Bonnie Kimberly | December 5, 2008, 2:04 pm 2:04 pm
I, for one, am delighted that VP-elect Biden is going to create “new position within the Office of the Vice President: Chief Economist and Economic Policy Advisor.” Hopefully, the first bit of “advice and counsel” Jared Bernstein will provide VP-elect Biden is that J-O-B-S is not a three letter word.
I think that once Ramblin’ Joe get’s the basics down, they will be able to move to more advanced topics, such as how increasing taxes during economic downturns lowers revenues and creates disincentives for investment and economic growth.
Posted by: I'm With Stupid | December 5, 2008, 2:09 pm 2:09 pm
I am scared when a smooth operator like Mr. Obama talks, “create 2.5 million jobs during his first two years in office”. If we somehow lose 3 millions jobs in that same period, Mr. Obama can still dance around that statement.
Posted by: young_voter | December 5, 2008, 2:16 pm 2:16 pm
Hey Joe whats you think about the economy..Why Obama, I think our friends and supporters in the media have done a fine job of scaring America and creating panic in the markets, they did their jobs well so we can get elected..
Posted by: Bail out me | December 5, 2008, 2:33 pm 2:33 pm
Obama hasn’t even been sworn in and has not historical evidence of actions as the President, where are you drawing your conclusions from? ”
He has NO historical evidence of ANY actions, yet you voted for him. You didnt vote that way because you knew anything about what we would or would not do, you vote against Bush.
Opps,…Now Obama appears to be Bush!
Posted by: Mike_C | December 5, 2008, 2:47 pm 2:47 pm
Ohio – You have got to be kidding! Obama/Biden are nothing like Bush/Cheney. They won’t just do what is good for their close friends (oil men and big business) and themselves, as Bush/Cheney did. Obama/Biden will work for all Americans. Just hope it isn’t to late. January 20, 2009 cannot come soon enough. Bush/Cheney have destroyed this country beyond repair.
Posted by: geecee | December 5, 2008, 2:50 pm 2:50 pm
Economist will admit this financial crisis began with law changes during the Carter term & when Clinton ended the 30 yr Treasury bond. Blaming this crisis on President Bush is like blaming the stock market downturn on the recent Democratic majority in Congress.
Posted by: The whole story | December 5, 2008, 2:50 pm 2:50 pm
Lets see…create or hold onto 2.5 million jobs in 24 months.
A. Infrastucture ? just how many of these people who have lost their jobs this year are in the construction field?
B. Green Jobs? WHY WAIT…Just Get Pelosi & Reid To back up another 20 or 25 trucks filled with money to the Capital Building and start handing that money to all these “Green Companies” that are going to create the “Green Jobs”
You people want us to stop being critical of the Pres.-Elect ? Tell him to stup with all rhetoric & how he “feels our pain”! He has the time right NOW to be announcing the details of HOW he is going to do all these things to save us!
Enough Rhetoric , Show Me The Implementation!!!!!
Posted by: Mike_C | December 5, 2008, 2:56 pm 2:56 pm
Obama looks to be Clinton 2.0 and that is not good, and not what Obama supporters worked for. Clintons economic policy was not allot different than Bush1 shipping jobs over seas and corporate deregulation Clintons big economic success was the dot com bubble oh boy! By the way what happened to that sock puppet?
Posted by: David | December 5, 2008, 2:58 pm 2:58 pm
Please!? – How do you know what will happen to the coal industry? Both Obama and Biden are for clean coal and if you went to their website it will be explained to you if you care to read up on it. And Concerned in OH – are you really concerned or just still angry that your candidate didn’t win?! Here are the facts – Bush’ economic policies tanked, Obama recruited some of Clinton’s economic team, who in their day helped the country collect a genuine surplus, to help us turn our economy around again. In no way shape or form does it resemble Bush.
Posted by: afbrat59 | December 5, 2008, 3:00 pm 3:00 pm
It is a time for Republicans and Democrats to cooperate. The Second Great Depression started 18 months ago. This is a time for action, not for allocating blame. It makes no difference whether the seeds of financial failure were rooted in the Clinton years, or the last 7 years. We should be worring about the NEXT 7 or 8 years.
Posted by: Ralph Rocheteau | December 5, 2008, 3:02 pm 3:02 pm
“Obama is going to have his hands full trying to control Frank, Pelosi, and Reid.”
Yup. That’s why he’s fortunate that his party failed to get a filibuster proof Senate. Moderates from both parties should have more influence now.
Posted by: Bridget | December 5, 2008, 3:07 pm 3:07 pm
Bridget, I couldn’t agree more. We need more moderate thinking at all levels in the government. I believe it’s the only way the country will make a significant change; if we go away from mainstream politics and the political rhetoric from both sides of the aisle.
Posted by: afbrat59 | December 5, 2008, 3:14 pm 3:14 pm
Bush/Cheney have destroyed this country beyond repair.
———————————–
geecee,
Obviously things are not good right now, but they have been bad before and not all that long ago.
President Carter left office with unemployment over 7% interest rates at 20% and inflation at 13%. Strange, no one then was whining about having Jimmy pack up & leave the White House before Jan 20.
Posted by: Mike_C | December 5, 2008, 3:15 pm 3:15 pm
Sounds like SPEND SPEND SPEND, lets create a new job, new salary at taxpayers expense. Typical democrat, bigger and bigger goverment.
What happened to cutting goverment waste??? oh sorry, it was McCain that promised to cut the pork not “the chosen one” with Zero experience, he promises higher taxes on capital gains (home sales & investments that are already in the tank), inheritance tax and business taxes that will put more people out of work.
Posted by: HH | December 5, 2008, 3:19 pm 3:19 pm
Go to any Target, Wal-Mart, Hobby Lobby, you will see over 90% items made in China. It is time for us to produce stuff rather than outsourcing all those related jobs. How, without raising tariffs would be the question….
Posted by: KMGuru | December 5, 2008, 3:22 pm 3:22 pm
afbrat59
Some of the Clinton “geniuses” also planted the seeds for the “2nd Dpression” as you call it.
You still have Barney Frank who refuses to admit his part in all this mess, now saying he disagrees with Obama on working in a bi-partisan way.
Posted by: Mike_C | December 5, 2008, 4:11 pm 4:11 pm
Even though the Republicans have been mostly booted out of Washington we can still count on their zealots for comic relief. Obama is Bush now? What a joke! -And of course we can blame the financial mess on Jimmy Carter and Bill Clinton, that’s standard Republican comedy. Without funny Republicans in office to laugh at we’re going to need you guys to keep us entertained.
Posted by: Piles | December 5, 2008, 4:13 pm 4:13 pm
Even though the Republicans have been mostly booted out of Washington we can still count on their zealots for comic relief. Obama is Bush now? What a joke! -And of course we can blame the financial mess on Jimmy Carter and Bill Clinton, that’s standard Republican comedy. Without funny Republicans in office to laugh at we’re going to need you guys to keep us entertained.
Posted by: Piles | Dec 5, 2008 4:13:55 PM
======================
haha. I agree wholeheartedly. How Rush and Hannity and all the other right wingnuts talk I sometimes thing I slept throught the inaguaration and obama is not president.
Without the Republicans spouting their lunacy, I would stop believing that their ARE aliens among us. Were is Will Smith and Tommy Lee Jones when you need them.
Posted by: Omentum | December 5, 2008, 4:29 pm 4:29 pm
is now president that is…..
Posted by: Omentum | December 5, 2008, 4:30 pm 4:30 pm
Mike_C
maybe Obama is planning his policies and working out the details so when he actually is president, he can explain it in greater depth… unlike the current occupant of the White House
who is about as removed and clueless a president that America has ever had.
Saying Obama ‘is Bush’ is ludicrous.. as Obama not only can speak coherent english, but he can articulate his policies in depth and not couch everything in a fake ‘american mythology’ like Bush does.
we can only hope that the many crimes of Bush & Co. will be exposed and eventually brought to trial.
I can understand how ‘Concerned’ & ‘Mike’
don’t want to give Obama a chance to do anything,… after Bush & Cheney,.. their disillusionment with Republican government and economics would give anyone pause.
Posted by: Blue | December 5, 2008, 4:33 pm 4:33 pm
They must be looking at each other and saying “gee, who would have thought having the most anti-business and anti-profit platform since Lenin would have caused job losses?”
Posted by: howwouldiknow | December 5, 2008, 4:39 pm 4:39 pm
Another funny one! Obama and the Democratic platform caused the job losses. The laughs just never stop at Republican Romper Room.
Posted by: Piles | December 5, 2008, 6:52 pm 6:52 pm
Right, how silly of me. What business is going to look towards the future when they make financial plans.
Posted by: howwouldiknow | December 6, 2008, 12:53 am 12:53 am
Right, Biden now appoints a total socialist (Reich of the clinton years cant even get a job in a decent university to this day) as his economic advisor. How the government can create jobs? It’s easy, you create them, over regulate and stifle private initiative (like the auto makers), and then subsidize more of the government jobs because the real economy cant or will not produce new private sector jobs. It’s called the New Deal. So we shouldn’t be surprised when Hussein and bimbo Biden cheer the news of a recession and claim it’s a depression. Dangerous
Posted by: Rob | December 6, 2008, 4:15 am 4:15 am
Bernstein is a protege of Reich and a liberal economist (ie socialist pig), for those of you who missed the inference.
Posted by: Rob | December 6, 2008, 4:25 am 4:25 am
I don’t know -what business does look to the future when it makes financial plans? It certainly wasn’t the banking industry or the auto-makers. Do you think we care what they think? We’re going to keep an eye on these clowns now that we have to bail them out, and if you think that emulates Lenin the joke is on you.
Posted by: Piles | December 6, 2008, 11:48 am 11:48 am
HH writes, “Sounds like SPEND SPEND SPEND, lets create a new job, new salary at taxpayers expense. Typical democrat, bigger and bigger goverment.”
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You’re right HH. It’s not like our roads, bridges, schools need repair. Like you I’d rather we toss those billions into a fruitless war and throw in a couple of American lives to make it special.
HH writes, “What happened to cutting goverment waste??? oh sorry, it was McCain that promised to cut the pork not “the chosen one” with Zero experience.”
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You’re right again HH. It is a complete waste to build and repair America’s infrastructure and schools. Granted, McCain used the term “pork” and never really DEFINED it but what the heck…That doesn’t matter because the Republican credo has always been spend less, small government. Would you mind showing everyone where the Republicans actually did that over the last 8 years? Like everyone else, I’m more than willing to give you a moment while you search for that.
HH writes, “He promises higher taxes on capital gains (home sales & investments that are already in the tank), inheritance tax and business taxes that will put more people out of work.”
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You’re starting to sound like a scratched record.
Posted by: Dems | December 7, 2008, 5:46 pm 5:46 pm