Last year’s economic downturn n. decline was the worst in six decades. Many banks went under. So did many companies. Stock values dropped. The jobless rate hit 10 percent.
Now, there are some good signs. Banks are more stable adj. not likely to move or change. The value of goods and services is growing. Job losses are slowing down.
Last January was bleak adj. discouraging; without hope of success. Almost 600,000 people lost their jobs in that month. Those numbers were down by November. That month, 11,000 joined the jobless.
The focus of the new year will be putting people back to work. That won’t be easy.
Experts agree the economy will produce more jobs by spring. But there may be "some bumps in the road as we go ahead," said Christina Romer. She heads a group of economic advisers at the White House.
Congress will take on job growth this month. The House has already passed a bill to give more benefits to those who have lost jobs. It also voted to fund highway and water projects. Those projects will need workers. The House approved aid to cities and states to keep teachers and firefighters.
The bill also includes money for job training and building schools.
Not all House members backed v. gave support to a cause the bill. Many worried about spending more money. The funds are on top of those in last year’s stimulus bill.
The plan also may not create jobs right away. Building projects have to be planned before workers are hired.
Next, the Senate will look at the bill.
President Obama is also asking big banks to help. Taxpayers bailed them out in a tough time. Now, he said, the banks should offer credit again. Giving credit to small businesses would help them hire more workers.
