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Commentary

Don't Get Too Excited About Job-Creation Plans

Although some policy moves might ease the pain, fixing structural unemployment problems will take time.

Friday's jobs report was the latest piece of evidence that the employment market is in rough shape. Even if the report were not quite as bad as the zero-jobs-added headline implied, it still paints a stark picture of how much further the economy has to go before we are anywhere near full employment.

So far, we've seen a number of government programs designed to try to combat some of the job losses and reduce the pain. Payroll tax cuts, extension to unemployment insurance, and, most visibly, the $787 billion stimulus package passed in 2009. Next week, President Obama will address a joint session of Congress laying out more plans to spur job creation again. We don't know yet exactly what he will propose, or what Congress would be willing to pass, but given the hype around the speech, the President is obviously hoping for a bold plan.