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Obama’s Job Plan Hopes To Avert Downturn: Economist

US President Barack Obama.
US President Barack Obama.

A major plan put forward by US President Barrack Obama could create jobs and settle fears of another American economic slowdown, a Cambodian economics professor said Tuesday last week.

Duch Darin, an adjunct professor at Tallahassee Community College in Florida, told VOA Khmer that Obama’s $447 billion job plan, unveiled Sept. 8 before a joint session of Congress, could create up to a million jobs and increase economic growth by around 1.5 percent.

The jobs plan aims to stimulate the economy through payroll tax cuts, tax breaks for companies hiring new workers, funds for infrastructure development and regulatory reform.

“This job act would reduce the risk of an economic slowdown facing the US,” Duch Darin said. “Once Congress approves the act, it will restore consumer confidence.”

He urged the national government, Congress and private sector to work together to increase demands for US products and services.

“Real economic growth requires that foreign and US companies directly invest inside the US, and that the US ensures more exports to boost consumer spending, by building consumer confidence in the US market,” he said.

Duch Darin warned that investors remain reluctant to put more money in the markets over fears of the European banking system and the uncertain future of the economy.

The US is still facing a high unemployment rate, 9.1 percent for August.