Sunday, November 23, 2008

President-elect Barack Obama economic plan for 2.5 mln jobs by 2011

WASHINGTON, Nov 22 (KUNA) -- US President-elect Barack Obama on Saturday promoted a two-year economic plan he said would create 2.5 million jobs to jump start a US economy in risk of "deflationary spiral".

Obama said it is his intention to have his economic plan approved as quickly as possible once he is inaugurated as president.

"If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," Obama said.

"We now risk falling into a deflationary spiral that could increase our massive debt even further." The plan would modernize schools and other infrastructure, and invest in alternative energy technologies, including fuel efficient cars, to more create economic opportunities, Obama said "big enough to meet the challenges we face", and one that offers long lasting benefits for the US.

The plan comes at a time when the US economy has been weakened by collapsing housing sector, problems on Wall Street and a major credit crisis.

"These aren't just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long," Obama said in the weekly Democratic radio address.

He described it as "it will be a two-year, nationwide effort to jump-start job creation in America and lay the foundation for a strong and growing economy".

He cautioned "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 noted the growing evidence the country is "facing an economic crisis of historic proportions" and said he was pleased Congress passed an extension of unemployment benefits this past week. But, he added, "We must do more to put people back to work and get our economy moving again".

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