Obama promises recovery plan as job losses mount

US President-elect Barack Obama said on Saturday that he has asked his economic team for a recovery plan that saves or creates 2.2 million jobs, a day after the Labor Department announced the US economy is losing jobs at an alarming rate.

We won't just throw money at the problem," Obama said in his weekly radio address and Internet video. "We'll measure progress by the reforms we make and the results we achieve - by the jobs we create, by the energy we save, by whether America is more competitive in the world."

A half-million American jobs disappeared last month, the worst mass layoffs in more than three decades, as the US spiraled downward in what could be the hardest hard times since the Great Depression of the 1930s.

source:TimesofIndia