Obama promised further job creation and hoped for bipartisan participation as he addressed a joint session of congress and the nation.

In his usual rhetorical style, he found a phrase to repeat Thursday night. “Pass this jobs bill,” he said over and over referring to the American Jobs Act – the idea for which came from a Texas republican and a Massachusetts democrat.

The bill is nothing more than a drop in the bucket, though, according to Michael Walden, William Neal Reynolds distinguished professor & extension economist.

If the bill passes, unemployment insurance will be extended for another year.

“[The proposed program] will not solve the unemployment problem,” Walden said.

The biggest problem facing the American economy housing, and although the bill addresses the problem of fallen home prices and underwater loans, it did little, Walden said.

A mortgage is underwater when the home is worth less than the amount owed on the mortgage. Many homeowners since the bursting of the housing bubble chose strategic default – they walked away from their mortgages and their homes despite financial consequences and creditworthiness effects.

Amidst heavy congressional infighting, federal legislators reached an agreement in July to “cut government spending by about $1 trillion over the next ten years,” according to Obama’s speech. The agreement also called for $1.5 trillion more in cuts to be passed by Christmas.

As he said in his speech, Obama wants to use all of those funds to pay for the proposed jobs bill. He is also releasing a “more ambitious debt plan” Sept. 19. With all of the cuts, “[the jobs bill] will be paid