(RTTNews) - Saturday, U.S. President-elect Barack Obama said he aims, through an economic recovery plan, to create 2.5 million new U.S. jobs over a period of two years.

Obama, in his weekly radio address said, “We’ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy.”

The president-elect said the economy is facing “crisis of historic proportions” which may possibly lead to a “deflationary spiral” that might drag the nation further into debt and cost millions of more jobs.

This year, job losses has totaled 1.2 million, and Obama warned millions more could be lost next year without urgent action. Due to the worst credit crisis in decades new home purchases were the lowest in half a century.

The Fed has said that jobless rate to could climb to 7.6% in 2009 as the economy struggles with a sharp downturn and a global financial crisis.

“I have already directed my economic team to come up with an economic recovery plan that will mean 2.5 million more jobs by January of 2011 — a plan big enough to meet the challenges we face that I intend to sign soon after taking office” on Jan. 20, Obama said. “We have now lost 1.2 million jobs this year, and if we don’t act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.”

Details of the plan will be worked out in coming weeks, and will include jobs that will rebuild roads and bridges, modernize schools and build wind farms and alternative energy sources and fuel-efficient cars, he said.

“These aren’t just steps to pull ourselves out of this immediate crisis,” he said. “These are the long-term investments in our economic future that have been ignored for far too long.”

The announcement came amid media reports that the Illinois Democrat had chosen New York central banker Timothy Geithner to be his treasury secretary.

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Posted in Categories: Economy, Releases, USA.

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