President-Elect Barack Obama is expanding his economic recovery plan to create or save 3 million jobs over the next two years.
Update: President Obama’s economic recovery plan is now the Stimulus Act, which he signed into law on February 17, 2009.
Obama upped his recent target of 2.5 million jobs, after economic advisors warned that the national unemployment rate could exceed 9 percent without significant intervention, resulting in additional job losses of 3 to 4 million over the next year alone.
The President-Elect is still working on his economic plan; but, according to various news sources, his plan will create or save jobs through federal investments in the U.S. highway system, science, health care, information technology, education and energy (to name only a few), at a projected cost of up to $850 billion.
For example, Obama’s plan will create jobs by pumping federal money into road construction, mass transit projects, weatherizing government buildings, computerizing medical facilities, and subsidies to train more nurses.
Obama’s plan will also provide support for poor and unemployed Americans, as well as tax relief for low- and middle-income American workers.
For example, the federal government will likely reduce income tax withholding as soon as possible, so that most workers will receive larger net paychecks next year.
If you’re a victim of job loss or a reduction in work hours resulting from this year’s rising unemployment rate, then you might be eligible to collect full or partial unemployment benefits or extended unemployment benefits from the state unemployment office. You might also be eligible to continue your employer-provided group health insurance coverage through COBRA.