By Pete the Banker
And once again I forgot to say this blog submission was by Pete the Banker!!!
Obama stated in his State of the Union Address that jobs will be his number one focus for the upcoming year.
Obama stated in his State of the Union Address that jobs will be his number one focus for the upcoming year.
According to the Bureau of labor some 15 Million Americans are currently unemployed, approximately 10% of working population.
“In December, both the number of unemployed persons, at 15.3 million, and the unemployment rate,at 10.0 percent, were unchanged.”
Over the weekend, the White House pre-announced Obama’s $3.8 Trillion Budget which is headed to Congress on Monday. Included in this budget according to Robert Gibbs is an estimated $100 Billion for job creation.
“White House spokesman Robert Gibbs said the administration believed “somewhere in the $100 billion range” would be the appropriate amount for a new jobs.”
But this allocation for the Administration’s primary priority is a meager 3% of the total Budget. Also released over the weekend, the White House asserted that during the last Quarter of 2009 some 600,000 new jobs were created by Federal Government efforts at an estimated total cost of $54 Billion.
Assuming the same cost/job ratio (~$90,000/job) for the newly budgeted funds, the newly budgeted $100 Billion would create 1.2M new jobs. Intriguing, what about the other 14 Million unemployed Americans? Are jobs really the Administration’s number one priority?? Isn’t this job creation allocation of a mere 3% of the Federal Budget pitiful, especially given it’s new status as the Administration’s top priority? I’d hate to be the Administrations’s second priority! It will be interesting to see if the Budget, when released on Monday, actually contains fewer budget dollars for “lower priority” projects like Health Care Reform and Cap & Trade than job creation. But then perhaps we should probably give the President the benefit of the doubt, since he has assured American’s that he is not an ideologue?
Tell ’em where you saw it. Http://www.victoriataft.com
