Business

Obama administration focused on improving job market
by Zuzana Zelenakova

With unemployment rate crossing ten percent line US President Barrack Obama and his administration are facing a public unrest. The third quarter has been marked by the US economy beginning to grow again, however, the jobless rates development has been quite the opposite. We are talking here about the worst unemployment situation in about 26 years. And the White House has issued a warning that it would probably get even worse before improving. So, US President, whose popularity might be threatened by the situation on job market, is giving a speech on Tuesday, in which he is planning to present some new steps in his battle against the unemployment. He is leaning on the resul! ts of recent White House sponsored jobs forum, which brought many interesting and innovative ideas and suggestions from some of the best CEOs, economists, small business and union leaders in the country. And what is expected of the Tuesday announcement? Most likely, US President is going to discuss expanding aid to states whose financial situation is worse than in others, increasing number of loans banks make, and maybe even granting tax cuts to companies that hire extra workers. "What my speech tomorrow will focus on is the fact that having gotten the financial crisis under control ... our biggest challenge now is making sure that job growth matches up with economic growth," Obama told reporters. One way or another, second stimulus package is not possible as the budget deficit has reached staggering $1.5 trillion. President Obama is expected to discuss using money from Troubled Asset Relief Program (TARP), originally intended for financial institutions bail out, to reduce ! the nation´s debt but also to boost small business loans,! highway construction and others. "Small businesses and some medium-sized businesses are still feeling a huge credit crunch," Obama said. "They cannot get the loans that they need to make capital investments that would allow them to then expand employment, so that's a particular area where we might be able to make a difference."

related story (sgx16083): http://news.yahoo.com/s/nm/20091207/pl_nm/us_obama_jobs;_ylt...

by Zuzana Zelenakova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the lates! t and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 12:51 PM