Barack Obama is expanding his plans to reverse the nation’s financial crisis and will seek to create 3 million jobs in the next two years, up from the goal of 2.5 million he proposed last month, the New York Times reports. The new figure follows a meeting in which economic experts predicted a loss of 4 million jobs next year and an unemployment rate of 9%. Obama's proposed stimulus package calls for up to $775 billion in spending, but a growing chorus of experts says even that's not enough.
A top Obama aide predicted the downturn will be “more severe than anything we’ve experienced in the past half-century.” Obama encouraged advisers to develop “bolder” solutions, which will include creating jobs for the unemployed, tax relief for low-wage and middle-income workers, and revitalizing the nation’s infrastructure. But a major problem could be finding enough projects to finance, a source said.