The capitalist market and Obama’s stimulus plan

Even before the Obama administration's economic stimulus package comes to a vote, the rapidity and scale of job losses in the US makes it clear that it will be woefully inadequate. On Monday alone, corporations including Caterpillar, Pfizer, Home Depot, SprintNextel and GM, announced 74,000 new job cuts.

Even if the White House were to achieve its aim of creating or saving 3-4 million jobs over the next two years, it would not make up for job losses that could be twice as large by the end of 2010. The pace of job-cutting has sharply accelerated since the end of 2008—a year that saw 2.6 million jobs lost, the highest number since 1945.

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