Obama: Jobs Summit Generated Good Ideas

(CBS/ AP)  President Barack Obama on Thursday said he'd heard many "exciting ideas and proposals" from participants at a White House sponsored jobs forum and said he hoped some could be put into action quickly.

"This has been a tough year, with a lot of uncertainty," Mr. Obama said as he wrapped up a half-day brainstorming session with some of the nation's top CEOs, small business and union leaders and economists.

He said he welcomed the suggestions as well as some "good, hardheaded feedback" from some people who don't always share his views, including the former top economic adviser to 2008 Republican presidential nominee Sen. John McCain, economist Douglas Holtz-Eakin, who also addressed a rival GOP jobs forum earlier in the day.

The president said there were some ideas that could be put to work almost immediately and other ideas that will become part of legislation for Congress to consider. He listed "moving forward on an aggressive agenda for energy efficiency and weatherization" as a prime candidate for quick action.

"There's no question that it's difficult out there right now," Mr. Obama said. "Digging ourselves out of the hole we have dug into is not going to be easy."

With a 1.5 trillion dollar deficit the president says the nation can't afford another major stimulus package, reports CBS News chief White House correspondent Chip Reid.

But he said he puts a lot of faith in American ingenuity and industry. "We can't go back to business as usual," he said.

Mr. Obama had challenged his audience to help him come up with innovative ideas for putting millions of Americans back to work, saying he wants the "biggest bang for the buck." He opened the session by saying the unemployment problem "cuts deep."

"We cannot hang back and hope for the best," Mr. Obama said. "What I'm interested in is taking action right now."

Mindful of growing anxiety about federal deficits, Mr. Obama also tempered his upbeat talk with an acknowledgment that government resources could only go so far and that it is primarily up to the private sector to create large numbers of new jobs.

He said while he's "open to every demonstrably good idea ... we also though have to face the fact that our resources are limited."

He spoke the day before the Labor Department was to report unemployment figures for November. In October, the rate climbed to 10.2 percent - the highest since the early 1980s - and forecasters expected the November figure to be around the same level as October's, or worse.

After opening remarks, guests broke into different working groups to brainstorm with administration officials.

Republicans have been critical of the Obama administration's effort on jobs, pushing hard on the notion that the stimulus package has been wasteful and ineffective.

On "Washington Unplugged" Thursday, House Republican Whip Eric Cantor (R-VA) suggested the event Thursday could ultimately amount to nothing more than a "photo-op." Republicans held their own, alternate jobs summit Thursday, with Minority Leader John Boehner complaining that "President Obama, Speaker Pelosi and Leader Reid have never run a business."

At the GOP summit, Democratic policies were deemed "job killing." Participants pinned the blame for the high unemployment rate in part on efforts to craft climate change and health care reform legislation as well as financial regulation.

Unions and liberal activists are also unhappy with the president -- demanding hundreds of billions more on infrastructure projects, Reid reports.

The White House forum was kicked off by Labor Secretary Hilda Solis, who called the present unemployment rate of 10.2 percent "a stark reminder of how much we have to do." She said the administration "will not rest" until it had been successful at job creation.

White House officials then showed a video about small businesses in hard-hit Allentown, Pennsylvania, where Mr. Obama was to speak on Friday in an effort to reinforce his message.

Vice President Joe Biden also addressed an audience that included the CEOs of Google, Xerox, Boeing and General Electric, labor leaders and prominent economists. "Your presence is welcome, but quite frankly it's not as important as your input," Biden said. "Without you, it will not become a reality," he said.

"Our task together is obviously not an easy one," Biden said. And while the $787 billion stimulus package had helped kick-start the process, "the government's capacity is still somewhat limited."

[tcwillis]

So, how does losing 5 million hi tech jobs affect the economy? Note: this does not include Manufacturing Jobs lost.

I am told that the average company expense for a Engineering Professional is $100,000 /yr which includes taxes & health & benefits. That is $500 Billion in wage expenses per year.

I remember that the average economic impact to a community is that money goes around 4 times, or $2 Trillion in US economy.

The US/State/Local government looses taxes on the $2 Trillion per year. Assume 30 % of this is taxes of some sort, so that is $600 Billion in Taxes per year that are lost.


JUNE 21, 2004
ECONOMIC VIEWPOINT
By Jeffrey E. Garten

Offshoring: You Ain't Seen Nothin' Yet
http://www.businessweek.com/magazine/content/04_25/b3888024_mz007.htm
Forrester Research Inc. (FORR ), the most widely quoted company on offshoring statistics, estimates that 3 million to 5 million more jobs will be transferred in the next 5 to 10 years. But that projection and others like it may vastly underestimate the future challenge. The combination of rising productivity made possible by widespread use of information technology, plus the unrelenting pressure on U.S. companies to continue to cut labor costs, guarantees that more work will be done in America by fewer people. In addition, from China to the Czech Republic, there is virtually an unlimited supply of industrious and educated labor working at a fraction of U.S. wages. And these workers' skills will be enhanced by the expansion abroad of the research operations of companies such as IBM (IBM ) and Intel (INTC ) employing local talent.

In a Forrester Research article, they estimated that a company saves around 15% by outsourcing/offshoring (considering associated expenses to outsourcing).

So, does it make sense to the USA for companies to save only $75 million and the nation to loose $2 Trillion per year to our economy and $600 Billion in Taxes?

[sjc_1]

It won't be big companies that will create the jobs, it will be small companies and many of them will be new. Most of the job growth the last 30 years has been in small companies, filling niches and developing markets that people did not even know existed. Those innovations are hard to export and outsource, they are adaptive and responsive to the needs of the market now and into the future.

[hartmanlord]

The only brain storming was how to get their hands deeper in the tax till.
We have the top 10% earning 50% of the income. This group does not spend, they hoard. This group has 86% of the wealth, the same income and wealth levels in 1929. It only took 10 years and a world war to right that injustice.
I have no influence in anything, but I know this - if you want to create jobs, you must create demand first. This is done by "consumer spending". How can this be done? Easy. Have an immediate tax cut on the "working class" (reduced withholding) and an offsetting tax increase of the top income class.
I know we had a tax withholding reduction in the spring, but heaven help us when we do our taxes this April. The withholding tax reduction should be followed by an equal tax reduction for 2009, preventing the next crises ( and it is coming when the people file next spring).

[courtnem]

To jimbom121

I know , I know. Bless Bill and Al. Thanks guys.

[OldTimeTruth]

Buy "MADE IN THE USA" That is what America needs to do and tell these American companies to start making all their products here in the USA. Since the 1960's people have done nothing except buy other country products starting with Sony. When is America going to wake up and get it right? You as voters and buyers have caused this problem. You have over the years let the companies and our elected officials do all of it to us. Take a look at your local stores TARGET, WALMART, and others. Look at the product and where it was made before you buy it. It is your choice. Set back and think about it. Take a look at the items in your home, your car, your TV, your stereo, your MP3 player. This list will go on and on!!!! "Get the idea"! So now you want to blame Obama. Sorry! Take a look in the mirror and you might get a surprise and really see where the problem really began. You the voter and buyer! You want jobs well THINK about it!

[courtnem]

AMEN

[hartmanlord]

Well if we all could afford $100 shoes, $50 shirts and the rest at USA prices, we would. The problem is I would like to compete with China, if they were required to pay the minimum wage. Then the competition would be better and the Chinese could actually buy our goods.

[sunday42]

Let's see. First of all most of the things we purchase, that's you and I, come from China or some other foreign country. This country no longer has a manufacturing base. Oue factories have been shut down either because we cannot compeate with off shore labor or the EPA has forced emission limits on us that preclude manufacturing here. We have allowed a huge influx of illegal immigrants to cross our borders and take jobs away from us. Companies have out sourced jobs to foreign countries eliminating jobs for Americans. A little thought as to why we don't have jobs tells an amazing story, we gave them away! Just wait for cap and trade to hit the ecomomy, you ain't seen nothing yet! Obama,he wants you to "hope", but as we are seeing "hope" does not put food on the table or cloth your childern. Dark days ahead for those who "hope" and don't take action.

[courtnem]

AMEN

[velma179]

by vietnamwar December 3, 2009 11:50 PM EST
CASH FOR CLUNKERS ...GOOD IDEA
GM, Chrysler agree to reconsider dealer closings

Thursday, December 3, 2009 at 1:02 p.m.
FILE - In this June 1, 2009 file photo, a customer looks at vehicles at a General Motors dealership in Burlingame, Calif. General Motors on Thursday, Dec. 3, 2009 said it will reconsider its decision to close some dealerships as part of a compromise to scuttle federal legislation that would require it to keep dealerships open. (AP Photo/Paul Sakuma, File)

WASHINGTON ? General Motors Co. and Chrysler will reconsider decisions to close thousands of dealerships as part of a compromise meant to stave off federal legislation that would require them to keep the showrooms open.

The decision by the two automakers, announced Thursday, raises the prospect of new life for some of the more than 3,000 dealerships that were slated to close as part of the broad auto industry restructuring. Dealers have loudly protested the decisions, and some said Thursday that the policy is merely an attempt by the automakers to placate Congress.

Just how many dealers could potentially be allowed to stay open remains unclear. The companies did not provide any estimates. Dealers involved in talks this fall with the automakers said likely only a handful of lots targeted for closure would survive, despite the new policy.

ARE U HAPPY?

***************

You complete nutcase... you didn't even READ this!

It says the dealerships WILL NOT BE CLOSED!

Yes I am happy... why are you not? You hate the American worker as much as you hate the American president?

Ding dong

[courtnem]

Buy a Ford product. They worked for it instead of taking a bail out.

[velma179]

UNEMPLOYMENT WENT DOWN! Only 11,000 jobs lost... rate is now 10% (we still need jobs, yes -- but this is a positive step)


The Stock Market is up sharply.


YES Americans CAN!

[courtnem]

10% Gooooooosh. We're maken progress. That's great. I'm sooooo excited.

[porcine_aviator]

Dear Obama:

I voted for you, something that I now realized was a huge mistake.

You want to fix the economy? Force the now effectively nationalized banks to actually make a frickin loan to small businesses!!!!

You gave the banks ~2 TRILLION dollars of funny money. What are they doing with that money? Swimming in Scrooge McDuck's money vault? Folding it up into origami swans?

I am sick and tired of your photo-ops and speeches. DO SOMETHING you all talk and no walk wimp!

[velma179]

by porcine_aviator December 4, 2009 9:57 AM EST

All of these things are alike:

1) YOU voted for Obama

2) The banks are "effectively nationalized"

2) HE [Obama] gave the banks "2 trillion".

All are false ... only #1 is questionable, but a logical conclusion when we look at #2 and 3.

All o

[jimbom121]

Actually the banks are not nationalized, but they do need to start lending, instead of hoarding cash and nickel & diming consumers.

[ceetee9]

"We cannot hang back and hope for the best," Mr. Obama said. "What I'm interested in is taking action right now." What a joke! Where was he on job creation 10 months ago? Oh that's right, he was working feverishly trying to cram his healthcare farce down our throats.

But clearly he is serious about this jobs summit as demonstrated by the fact he didn't bother to invite two of the largest organizations for business in America: the U.S. Chamber of Commerce and the National Federation of Independent Business. You know, the two organizations that represent millions of American businesses and over half of our work force. Yeah, he's serious alright. The only thing he is serious about is making sure any organizations or persons who don't subscribe to his Socialist agenda are not involved in any of his policies. God, I'm so ashamed of voting for this clown. I can only hope he and his Democratic henchmen in Congress don?t completely destroy this country before we can get them removed from office.

[BeckieBest]

Honestly, how many times have you cried yourself to sleep because you miss Bush?

[jimbom121]

Perhaps the Chamber of Commerce can have its members share why they have laid off so many employees, while their CEOs continue to make 7 figures? Please, the CofC is a joke. That is why they are losing members.

As far as a socialist agenda, you've been listening to too much Rush & Beck. Bush did more to wreck this country than Obama or any other president could do.