Obama Summer Jobs
President Obama promised that new programs would provide 110,000 jobs for inner city youngsters this summer. The jobs will be added because of funds put through local programs in Philadelphia, Chicago, and San Francisco. Several firms will support this program. They include Johnson & Johnson (NYSE: JNJ), UBS, and–on the government side–The Department of Education.
Unemployment among younger Americans is close to 20% in some regions. The Obama plan may be a temporary way to address that in a very small way. No one can tell if the people who get these summer jobs can keep them. Probably not.
The economy is still not healthy enough to support a sharp growth in job creation. It will take more than a scattering of programs to fix that.