Will Obama’s Job Retraining Programs Save The Day?
by ilene - July 15th, 2009 3:46 am
Mish is blunt, the situation is nearly hopeless for many people over 40 who have recently lost a high paying job. You don’t need to go back to college for a degree in economics to see that job re-training when there are few available jobs has its limitations. But no matter, let’s do it. – Ilene
Will Obama’s Job Retraining Programs Save The Day?
Courtesy of Mish
President Obama is mulling rental options for foreclosed homeowners. Furthermore Obama seeks job training for the unemployed, concedes unemployment is getting worse, says auto jobs are not coming back, yet magically assumes job retraining will save the day.
In short, Obamaitis is setting in. Please consider the following news stories.
Obama Says ‘Give It To Me’
On the burden of fixing the economy Obama Says ‘Give It To Me’
Conceding unemployment will get worse before it shrinks, President Barack Obama on Tuesday unveiled a $12 billion plan to help community colleges prepare millions of people for a new generation of jobs. Challenging critics, he said he welcomed the task of turning around the economy.
"The hard truth is that some of the jobs that have been lost in the auto industry and elsewhere won’t be coming back," Obama said. "They are the casualties of a changing economy."
To that end, he proposed an "American Graduation Initiative" to bolster the two-year community college field that serves millions of students as a launching point for careers or a step toward expanded higher education. The idea is to train people for jobs, such as those expected in the clean energy industry, when the economy turns around and begins to create jobs again instead of shedding them.
Under the plan, competitive grants would be offered to schools to try new programs or expand training and counseling.
The White House says the cost would be $12 billion over 10 years; Obama says it would be paid for by ending wasteful subsidies to banks and private lenders of student loans.
Meanwhile, former Federal Reserve Chairman Alan Greenspan told Republican senators on Tuesday at their private weekly luncheon at the Capitol that the government’s $1 trillion deficit was the single biggest hurdle to economic recovery.
Question of the Day
Why is that Greenspan is ignored on the few occasions where he makes any sense, yet people fawn all over him the vast majority of…