Obama's stimulus package creates 3 Million jobs

By siliconindia   |   Thursday, 15 July 2010, 23:10 IST   |    3 Comments
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Obama's  stimulus package creates 3 Million jobs
Washington: U.S. Chamber of Commerce slammed Obama's economic policies, saying administration officials "neglected" to focus on job creation. At the same time, in its latest stimulus report released Wednesday, the White House's Council of Economic Advisers using two different models estimated the Recovery Act has already created between 2.5 million and 3.6 million jobs. The report, unveiled by CEA Chairwoman Christina Romer and Vice President Joseph Biden, estimated that Obama's $862 billion economic stimulus package had saved or created roughly 3 million jobs, and was on track to meet its goal of 3.5 million jobs by the end of this year. The U.S. Chamber of Commerce, a top business group, issued a rebuke of Obama's economic agenda, accusing him and his Democrats in Congress of neglecting job creation and hampering growth with burdensome regulatory and tax policies. Four months before the November congressional elections, Republicans have tried to paint Obama and his Democrats as anti-business. Obama is increasingly turning to former President Clinton to help win over voters and the business community. Clinton, seen by many in corporate America as sympathetic, has helped the White House by campaigning for Democratic candidates running in November's elections. And Obama on Tuesday named former Clinton administration veteran Jack Lew as the White House budget chief to help cut the huge deficit. In addition to the meeting he hosted with Clinton, Obama also consulted investment guru Warren Buffett earlier in the Oval Office as he gathered views on how to boost growth. He ended up having to loan the billionaire a tie because Buffett's was frayed. With unemployment stubbornly high, polls have reinforced Democrats' fears of big losses in November. A survey by The Washington Post-ABC News showed 54 percent of Americans disapproved of Obama's leadership on the economy. In a CBS News poll, only 40 percent of Americans said they approved of Obama's handling of the economy.