This Thursday President Obama announced plans to hold a jobs summit in December, in direct response to an unemployment rate at 10.2% (this non-government estimate puts real unemployment around 22%) , which shows no signs of decreasing anytime soon. The jobs summit will bring together CEOs, small busines owners, economists, financial experts, labor union and nonprofit representatives in the interest of creating additional jobs and getting the economy growing again.
I like the idea behind this, but it seems that this would have been better implemented 8 months ago. This administration's focus should have been on direct economic bottom-up fiscal stimulus as well as job creation in the form of the American Reinvestment and Recovery Act (stimulus bill). That didn't really happen. Instead we got top-down "stimulus" through corporate welfare, questionable tax breaks and subsidies (cars, homes), and whatever new jobs were created as a result of the stimulus overshadowed by the hundreds of thousands lost since.
The American economy desperately needs jobs, with 502,000 new jobless claims in October. A ray of light is that professional and business services companies added 18,000 jobs and temporary employment - cited as a leading indicator - grew by 33,700 after declining for months. I suppose companies employ temps as they start gearing up with more work before permanent hires. Makes sense.
What do you think about President Obama's jobs summit?
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