Job loss remains a critical threat to housing’s recovery, as the loss of income continues to boost defaults and foreclosures.
The good news is an accelerated effort by the Obama administration to create over 600,000 jobs in the next 100 days is underway. Vice President Joe Biden calls the effort ambitious but realistic.
“In May, we lost 345,000 jobs, which marks the smallest monthly job loss since September but which nonetheless represents 345,000 terrible stories,” said Biden today. “Our ultimate goal is making sure that the average family out there — mom working, dad working — that they are able to pay their bills, feel some job security, make their mortgage payments.”
The initiative to create thousands of additional jobs is part of what the cabinet is calling a “Roadmap to Recovery,” an outline of the administration’s 10 most significant projects over the next three to four months.
Some of the projects include creating and building 1,129 health care facilities, improving veterans’ medical centers across the country, putting 5,500 law enforcement officers on the streets, and creating 135,000 education jobs.
The ventures are part of ongoing efforts under the Recovery Act — a plan championed by Biden today.
“Now I know that there are some who, despite all evidence to the contrary, still don’t believe in the necessity and promise of this Recovery Act,” Biden said. “And I would suggest to them that they talk to the companies who, because of this plan, scrapped the idea of laying off employees and in fact decided to hire employees. Tell that to the Americans who receive that unexpected call saying, come back to work.”
Write to Kelly Curran.
