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Obama Job Summit: One Giant Photo Op

This post by Jill Schlesinger originally appeared on CBS'

With a little over one out of 10 Americans out of work (and another 7.5 people part-time or under-employed); six times as many people looking for jobs as there are job openings; the average time to find a job coming in at over six months (the highest level since the Great Depression), the public is frustrated. In response, the Obama Administration is hosting a Jobs Summit today. For those in the know, a summit is one step up from a task force, though neither usually accomplishes more than a photo op.
(AP Photo/Danny Johnston)

Here are the ideas to spur job growth:

• Increase aid to state/local governments, which could stave off further job losses
• Create a 21st century version of the New Deal Works Progress Administration, which would create low wage, but large numbers of public service jobs
• Provide direct incentives to employers via tax credits
• Enact a payroll tax holiday

In today's "Reality Check," (click here to view the video) we discuss whether government efforts to tackle the unemployment problem can succeed? We have our doubts!

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Jill Schlesinger is the Editor-at-Large for CBS 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.
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