The notion that the president has all dials at his command that can just reduce the unemployment rate significantly if he just focused on the question is unfortunately not particularly realistic.
--Peter Orszag, in an interview at The Council on Foreign Relations
Although it's popularly believed that a president can significantly manage employment for millions of workers, the facts on the ground are quite different. The administration and the congress can actually do very little, and what they can do will be even more limited by congressional gridlock. Policy can effect employment, but that's tough to deal with in a climate like this.
Orszag lays out what most economists have recommended, either offline or online. He recommends more stimulus now, more deficit reducation enacted now that won't take effect for two or three years, and dialing down the tension between business and government. Since the first two require legislative action, they're very unlikely to happen. The popular myths determine legislative action, so the next year or two are going to be slow growth.