TheLoop21.com

By: Devona Walker (Add to your loop)
Mon, 12/07/2009 - 01:00

What will be President Obama's next step in creating more jobs?

In November, we lost just 11,000 jobs, making it the best jobs report we've seen in two years. For the Obama administration, it may seem to have come just in time. In reality, they're several months behind the curve.

The president failed to prioritize the real fundamentals of a “democratic economy”: If the bellies ain't full and the future ain't rosy, then the people ain’t happy. And they ain’t interested in hearing any excuses.

Instead, Obama behaved like an academic. He shored up the banks. He and former President George W. Bush together bailed out the automotive industry, which immediately saved some jobs and offered the dying city of Detroit a mere lifeline. He passed the stimulus and jumped into health care reform.

These are all very important steps, if they can be executed and followed through, i.e., financial regulatory reform, oversight, repayment timelines, salary and bonus caps, etc.

But at the bottom end of the ladder, where the majority lives, it feels pretty lonely.

On Thursday, the administration held a jobs summit. I know there's value in gathering a bunch of smart folks into one room to talk about jobs but it still feels pretty academic. I'm not an Obama skeptic, I want him to succeed, I want this new economy to flourish but I also can’t help feeling a continuation of this government and real world disconnect.

During the Bush administration, it was infuriating because his inner circle was full of dogmatic, supply-side, industry driven, "if big business and the rich win, then all is OK" type of folks.

With Obama, it seems his inner circle is only half-manned. Much of that has to do with the success Republicans have had in attacking and delaying his appointments. But even still, the folks in place seem way too academic and lofty.

More green jobs are a great goal and rebuilding the energy sector is smart public policy. But both solutions are geared towards the next generation of workers and college students, not yet in the job force, as opposed to adults with bills to pay who aren't able to just put life on hold to go back to college. Right now, many are upside down in their mortgages. The last policy-based relief the administration offered, home loan modification program did not provide relief. Many are underemployed and their pain isn’t showing up in the jobs reports, but they are working harder, sometimes at multiple jobs and getting paid less. Many are watching their industries shrink their jobs go overseas. 

Speeches might ease the pain short term and boost polling numbers temporarily. But this is one crisis Obama cannot charm his way out of. We already know, the Republicans will have nothing constructive to contribute. Those guys are still quoting the Reagan playbook: Tax cuts, tax cuts and yet more tax cuts! 

This jobs crisis needs a full court press of governors, mayors, non-profits, private Industry innovators and community colleges. It’s going to take urban job centers and rural transportation initiatives. We need to focus on diversifying our GDP, and getting off the consumer spending teat. We need to boost our exports, not with across the board tax cuts but industry-specific shepherding. If green jobs are the future, then we need to bridge the gap between research, development and speculation to actual jobs in the marketplace.

How? Hell, I don’t know but does he?

Go here for a quick takeaway of the summit.

Devona Walker is TheLoop21.com's senior financial and political reporter. She has worked for The Associated Press and the New York Times company. She may be reached at devona@theloop21.com.

How would you grade Obama on his effort to create jobs?

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