Tens Of Thousands Of Job Losses Coming In A Few Weeks, As Key Stimulus Program Ends
Sep. 26, 2010
The stimulus is frequently derided for not doing enough to fight unemployment, but one program that did nothing but create jobs is coming to an end.
According to NYT, a subsidized jobs program is coming to an end. The program allowed employers at the government, non-profit, and small business levels to get direct help paying worker salaries. It was modeled after a New Deal jobs program, and even GOP Governor Haley Barbour supported it.
But 26,000 jobs could be lost in Illinois alone. Another 12,000 will go in Philadelphia.
The problem with stimulus was that unless it created an actual sustainable recovery, it was never going to do much good in the long-term, and then when the money ran out, we’d be back to where we were before it started. Well, it didn’t create a sustainable recovery, and now the money is running out.