Where are the jobs?
Our Readers Who Comment are angry this morning about the news that corporate America is hoarding huge amounts of cash but hiring few. Many readers blame President Obama. Several cite the unknown long-term costs to business of health care reform as the primary reason. Others just see greed.
Business also has its defenders, who wonder why anyone would hire given what they see as uncertainties in the economy. Whatever may be the case, the story has struck a nerve and comments are piling up. Meanwhile, consumers are keeping their money in their pockets, as this story shows.
Jia Lynn Yang writes, "...as several major firms report impressive earnings this week, the money continues to flow into firms' coffers. Yet all the good news from big business hasn't translated into much promise for jobless Americans, leading many to wonder: If corporations are sitting on so much money, why aren't they hiring more workers?"
We'll start with michaelcharliedelta, who asked, "Why should corporate America hire when they are making so much money and with President Obama taking most of the heat? Business is doing great."
GreenMountainMan wrote, "Businesses won't do significant new hiring and individuals with extra money won't do any unnecessary spending as long as they think the Government is out to radically change how we live and how the economy works."
But rkerg offered, "So, lets do the math. At every recession, big business pleads for tax cuts and when the economy is good, big business rails against tax increases. The only way that this equation ends is with government not having any money to do anything, not even to give big business any more tax cuts. I think that if there was a freaking asteroid on a collision course with the earth, many large groups of big businesses would volunteer to save the planet as long as they could get some tax cuts first."
bobmoses said, "...I am holding off hiring because the cost of employees is going to skyrocket as this health care "reform" kicks in and the inevitable increase in taxation follows."
But skylark1 wrote, "Business wants to destroy Obama and punish workers for wanting living wages. By avoiding hiring, they are accomplishing both at the same time. It has nothing to do with "regulations", it's acting out of spite and power."
releggneh1 wrote, "Again we get fed BS from the great Messiah & his minions. What businesss, in their right mind would hire 1 more worker when they have no idea how much the health care take over will cost, or the cap & tax bill that they are trying to stuff down our throats or when the Bush tax breaks expire. Who in their right mind would move until they know what the money grubbing dems are going to do next???..."
opyKinetics opined that "It's because corporate America, cautious dirtbags that they are, is sitting on its hands. That's why the government has to spend to keep things going. The Chamber is a totally reactionary mess. After helping to tank the economy and sodomize consumers, all they can do is sit around and cry about "onerous" regulations. I say double down on these creeps."
zackool said, "I thought most jobs in the US were created by small companies, not big ones. This article is focusing only on the large, multi-national companies. While there is no question that the large companies are sitting on their hands a bit, it appears that small businesses are the ones who are not creating jobs. Would be nice if the Post explored this line of reasoning in this article."
aicohn wrote, "History repeats. This is the same thing that happened in the great depression. You can create all the liquidity in the world, but if your velocity is zero, your economy will be also. Fed is pushing on a string. There's no confidence in the future. And when you have a president & congress so utterly brain-dead they are raising taxes into a situation like that why should businesses or individuals have any confidence at all?..."
glenglish asked, "What the expletive are these companies thinking? As long as people don' t have jobs they won't have the cash to spend. People need jobs in order to spend money. The only good news is it ain't Obama that is messing with the economy it is the businesses."
MekhongKurt1 said, "I think this article clearly shows that increased cash alone is not going to cause companies to hire -- and that's the basis for the Republican call for lowering taxes on business. I also think there's something of a chicken-and-egg question here. People aren't going to start buying until companies start hiring -- but companies aren't going to start hiring until people start buying... But the way out of the logjam? -- I have no idea."
gjhinnova wrote, "This is no mystery. The downturn forced companies to lay off some workers. The companies now had a compelling reason to get rid of the marginal workers they didn't have the guts or a good enough excuse to let go previously. When the marginal performers were gone, the companies found out that they didn't miss them and things just went along fine without them. So why is it any surprise that the companies have not been in any hurry to rehire the people that weren't producing much all along?"
We'll close with this off-point exchange of the week:
jjjjjj1 wrote, "obama has already played more golf that President Bush played in eight years."
To which wilder5121 replied, "That may be true, since Bush spent half his Presidency "clearing brush" on his fake Texas rancho, not playing golf."
All comments on this article are here.
July 15, 2010; 8:55 AM ET
Categories: Unemployment | Tags: Economy, Health Care, Jobs, Obama
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