This article was last updated on April 16, 2022
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According to some leading economists President Barack Obama’s jobs plans would go a long way to hold of recession in the year 2012.
In a report published by Bloomberg News on Wednesday said that Presidents plan of $447 billion American jobs Act would make way for thousands of jobs and help boost the economy. It would immensely help to shove down the unemployment rate of 2012, something that would boost Obama’s reelection bid.
The jobless rate has been hovering on about 9% since April 2009.
Survey results of 34 economists predict that this would lift the GDP by 0.6% and would create as many as 275,000 jobs in 2012. They further predicted that at this rate it would add 13,000 more jobs by the end of 2013, which mean a total of 288,000 jobs in two years.
Survey shown on Bloomberg also presented that Presidents plan would bring down the employment rate by 0.2%.
One of the economists told Bloomberg”The proposal prevents a contraction of the economy in the first quarter” of 2012, and will lead “to more retention of workers than net new hires.” But another disagreed, and said the plan is “not really going to have anything more than a marginal impact. It’s just maintaining the status quo.”
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