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Obama Jobs Speech Preview

Updated on: September 8, 2011 / 9:42 AM EDT / MoneyWatch

Considering that there NO new jobs created in August, the unemployment rate remained at 9.1 percent and 14 million Americans are still out of work, the pressure is on President Obama to hit the ball out of the park when he unveils a job creation plan to Congress and the nation tonight.

It has been reported that the package will include $300 billion of tax cuts and spending. Here is what's likely to be on the table:

Extension of the payroll tax reduction
Renewal of Unemployment Benefits for long-term unemployed
New Infrastructure Spending
Payroll tax reduction for employers
Repatriation tax holiday for Corporations

Most economists that I spoke to believe that these measures could spur some job creation, but they probably won't put a dramatic dent in the nation's dire situation. To do that would require a big increase in government spending, which would increase the nation's debt load and that would be unacceptable to Republicans.

Without a big government push, employment markets won't fully recover until 2017. That means we're likely to see a slog-through, jobless recovery for quite some time. As one e-mailer pointed out: "I strongly suspect that the public will be more concerned with the opening of the football season than another yawn speech by Obama."

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Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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