Obama Jobs Summit: One Giant Photo Op

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.

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," we discuss whether government efforts to tackle the unemployment problem can succeed? We have our doubts!

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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