With the complete gridlock of Congress the debate of what the White House can do seems to be centered on the actions of the Federal Reserve and it's monetary tools.
However, the President (this very second) has complete authority to act to create jobs legislatively and has been able to since 1978.
Cue the Humphrey–Hawkins Full Employment Act passed to clarify earlier law which has allowed the President to act on full employment since 1946.
The act specifically states:
the President shall, as may be authorized by law, establish reservoirs of public employment and private nonprofit employment projects
until such a time as when the United States reaches full employment (estimated to be roughly 4% unemployment). The act even makes specifications that the jobs:
(C) shall be useful and productive jobs;
(D) shall be mainly in the lower ranges of skills and pay...
(E) shall be targeted on areas of high unemployment and on individuals who are structurally unemployed;
Exactly the kind of jobs ailing workers need in this tough economy.
The fact of the matter is, the President can sign a works programs at any time without any need from Congress or the Federal Reserve and has had the ability to for 65 years.
We shouldn't bogged down in fatalistic thinking, we need Obama to act now.