President-elect Barack Obama has an ambitious goal in mind when it comes to creating jobs over the next couple years.
With the economy flying apart at the seams, 3 million to 4 million jobs could dry up over the next year, spiking the unemployment rate to an astronomical 9 percent, according to Vice-President-elect Joseph Biden.
In what has become the worst economy since World War II, General Motors Corp., Ford Motor Co. and Chrysler have announced that they will close five dozen manufacturing plants over the next month – mainly because Americans have stopped buying cars.
GM and Chrysler will get $13.4 billion in emergency government loans to stay afloat.
“We’ve got to begin to stem this bleeding here, and begin to stop the loss of jobs and the creation of jobs,” Vice President-elect Joe Biden said on ABC’s “This Week” program today.
“The day we’re sworn in, the thing that we have to worry about is the further collapse of this economy. No president raising his right hand will ever have been in the position by the time he says ‘I so swear’ and drops his hand, will he have such [the most] immediate urgent obligation of consequence since Franklin Roosevelt.”