There is a lot more to this to be considered. There’s nothing altruistic in this. Pay attention to the wording closely.
First of all, one has to take into consideration is the fact that a Federally Guaranteed Jobs program does not equate to guaranteed federal jobs.
Think of it in this way. For decades we have had a federally guaranteed student loan program and federally guaranteed home loans. In each of these cases, the services rendered are not provided by the federal government, they are farmed out to be provided by corporate entities. The corporations make the profits while the federal government acts as the collection agency for the corporations, ruining your life for years should you default on any “federal guarantee”. Simply put, they do not guarantee the loan or service, they only guarantee that they will put the screws to your thumbs to collect for the corporations.