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Obama adds an extra 500,000 jobs to stop economy from 'tanking'
Paul Thompson in Miami22 Dec 2008
Barack Obama has increased his target of creating jobs to three million as he prepares to take over the worst American economy since the Second World War.
He said it was the only way to stop the country sliding into an even worse position.
Mr Obama said last month that he planned to create 2.5million jobs in two years as he asked Congress to authorise an $850billion rescue package. But after a meeting with his team of economic advisers, that figure has been upgraded by half a million.
He has yet to reveal how the jobs will be created, apart from announcing plans to re-build roads, bridges and other parts of the infrastructure.
Joe Biden, his vice-president, acknowledged yesterday that Mr Obama's top priority was to stop job losses and admitted the president-elect faced a monumental task next month.
"We've got to begin to stem this bleeding here, and begin to stop the loss of jobs, and (start) the creation of jobs," Mr Biden said in his first interview since the election.
"The day we're sworn in, the thing that we have to worry about is the further collapse of this economy. No president since Franklin Roosevelt would have such an immediate, urgent obligation," Mr Biden added.
Mr Obama's announcement about three million jobs came before he left for a two-week holiday with his family in Hawaii.
Prior to his departure he had a series of meetings with Christina Romer, head of his council of economic advisers. Insiders said Ms Romer had warned him that the faltering economy will lose between three and four million jobs over the next year. Ms Romer said the unemployment rate is expected to soar to above nine per cent.
Unless the bail-out of the car industry works, tens of thousands more jobs will be shed by General Motors and Chrysler.
Mr Biden said yesterday that at least $700 billion was needed to stop the US economy from "tanking".
