Forget The Deficit, It's Jobs, Jobs, Jobs!

This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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President Obama will propose a $3.8 trillion budget today, which will lead to a $1.6 trillion deficit, which would be an all-time record and $200 billion higher than the 2009 number. Before you go all apoplectic about the numbers, the White House will attempt to calm us - the projected deficit will drop to $700 billion by 2013, due to an economic recovery which will increase tax receipts.

(CBS/AP/iStockphoto)

The President will follow up his SOTU promise of a jobs bill–some $33 billion will be allocated to the endeavor. I hate to be nit-picky, but $33 billion isn't enough to stimulate jobs in an economy of our size. The jobs bill seems more like a marketing pivot, than a policy one.

It can't be said enough, the labor situation will guide the nation's economy. With unemployment at 10% (over 17% if you include the "marginally attached" population), the hyper-focus on the deficit seems misplaced. Forget the deficit for now and focus on jobs. If we get people back to work, then tax receipts will really soar - that will be an excellent cure for the deficit woes.

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(CBS)

Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

[starleo146]

First of all stop being so critical of inketolstoy we all understand it is a monumental amount of money, and Obama with this budget if passed will be 1.6 trillion which is no chump change. He is also doing a pay as you go we have to reduce the budget with every dollar spent, he wants to find excesses in dollars to reduce. The rest of the deficit was produced by the former administration. When Obama walked into the door he had over 8 trillion deficit. Do the Republicans say that heck no, they say Obama has run the deficit up to unknown amounts. He also had a economy in free-fall. Under the circumstances I feel he has done a remarkable job considering where he was when he started, it is unfair of the republicans to put all this on Obama when they know only to well they spent on two wars with no way to pay for it, put through a prescription drug program with no money and no way to pay for it, it is unbelievable that anyone expects Obama to fix all of Bush and Cheney's mistakes, and criticize Obama for it all. Think folks, the economy expert, Mc Cain who knowingly said, I am not a economics guy,if he had been elected what a mess we would have been in. We would be saying soup anyone. Instead of criticizing Obama we need to pray for him, and hope with the congress he has, brain wise, he achieves what he wants for the American people, he certainly is thinking of the middle class the last time that happened was Bill Clinton, he left Bush 200 billion in SURPLUS, and Bush squandered that, c'mon folks back him for awhile and hope congress wakes up. You gave Bush 8 years without a whimper, can we show the republicans they have to get together, and help all of us get it done!!!!

[sjc_1]

If G.W. Bush had not accumulated more than $5000 billion in debt, we could get out of the mess he caused.

[inketolstoy]

Is there such a number as 5000 billion (I thought it was just called five trillion)? Obama is on course to rack up over six trillion in debt (that would be six thousand billion in your figures). They both said the same thing. Trust me, I know what I'm doing, it has to be done, and it will be better next year. At least two of those at least are lies.