Your points are sound...but for the sake of the nation I hope you’re wrong.
600,000 jobs will be a drop in the bucket.
Look at this interactive map:
Job Loss/Gain 2007-2009 by county-
I hear the Whistle of the coming TrainWreck in the NE, East, Great Lakes cities and in Southern CA. in 6-9 months when the unemployment benefits are exhausted.
The epicenter of this is right in the heart of the Obamanista country.
There is no way the government can create enough government jobs to offset this.
At best it will be a long trudge through the mud out of this.