President Obama: 95,000 jobs a month in 2010

The AP is reporting that President Obama, in a message to Congress, has said that the economy will add 95,000 jobs on average every month this year, while personal savings will remain high as credit remains tight.  That's moderately good news.  95,000 jobs a month - if the President is talking about 95,000 for the remaining 11 months of 2010, we are talking about a little over a million jobs.  If the President is talking about 95,000 jobs on average for the entirety of 2010, including last month, then we're talking about 1.14 million new jobs.

No jobs news that pertains to additional jobs being created right now can be bad news.  However, this will still be a modest pace of recovery.  To put things into perspective, in 2009 alone, 4.78 million jobs were lost.  Considering what the economy went through, thanks to conservative policies, however, the new ray of hope couldn't come at a better time.  Nonetheless, it is still going to be a very long, tough slug:
Indeed, even adding an average of 95,000 jobs each month, unemployment is likely to remain around 10 percent through this year and not fall below 6 percent until 2015. And while Americans are likely to save more for big-ticket items such as homes or cars, it means a slower recovery for a nation that has lost 8.4 million net jobs since this recession began in December 2007.
So are these projections of 95,000 jobs a month realistic, or is it some pie in the sky thing that really won't pan out?  Well, independent economists seem to agree with the numbers:
Mark Zandi, founder of Moody's Economy.com and a frequent adviser to lawmakers, said the White House economic projections track his own. A jobs bill worth $100 billion to $150 billion, he said, would accelerate a decrease in unemployment.
I might mention that Mark Zandi was an adviser to the presidential campaign of Sen. John McCain, and isn't exactly a liberal economist.  But about that jobs bill thing, dear US Senate, we can use a little help here.  Personally I believe just as the jobs decline was much sharper than most expected in the last recession, with the current economic bounce back and expansion, jobs recovery can also rise much more sharply than estimates.  But not without strong Congressional action to create more jobs.  Not conservative, penny pinching action.  Bold, targeted spending action.  The Senate is on its way to offset nearly all of these 95,000 jobs a month this year by refusing to deliver aid to the states in its jobs bill.  In the absence of federal aid, states may have to cut 900,000 jobs this year.  The Senate needs to act in much bigger and much bolder ways.


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