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"Until jobs are being created to replace those we've lost... this recovery will not be...

"Until jobs are being created to replace those we've lost... this recovery will not be finished," Obama says in his Economic Report to Congress. Don't hold your breath, Mr. President. The latest Business Council survey of CEOs finds continued and widespread wariness of new hiring. In a separate survey, two-thirds of board members say firms won't return to business as usual until at least 2013. And S&P companies show no signs of spending, as they increased Q4 cash holdings by a combined 78% to $1.2T from a year earlier.
Comments (6)
  • Tom Au, CFA
    , contributor
    Comments (6775) | Send Message
    Cash holdings. To take care of contingent liabilities such as pensions and health care. Not on the balance sheet, but very real nevertheless.
    11 Feb 2010, 11:57 AM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
    Hope can replace reality - like I hope I can win the lotto. Will I? Nope. I hope I can retire @age 40. I hope my home goes up in value instead of constantly down.


    I guess I just need to IPO my hopes and then it'll happen.
    11 Feb 2010, 12:02 PM Reply Like
  • TXBankingExec
    , contributor
    Comments (123) | Send Message
    Why doesn't Washington "get it"?


    No one is going to start hiring in earnest until the uncertainty surrounding the business climate has started to fade.


    That means knowledge of what taxes are going to be going forward, that means knowledge of what healthcare reform really means, that means comfort that the rules aren't going to change 15 minutes into the game making previously profitable decisions, suddenly unprofitable.


    Until Obama can convince the heads of business that the rules are set (and set fairly) and they can go about trying to make money again, it doesn't matter how much money they pump into the economy, jobs will not magically appear in the private sector.
    11 Feb 2010, 12:08 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (2687) | Send Message
    Jobs won't be created until there is a single-payor health care system. Companies won't hire workers in the US when they have to pay about $15,000 per worker to the health insurance oligopoly in addition to salary and other benefits, when they can hire workers elsewhere without incurring this obligation. Our health care costs as a percent of GDP are 30% higher than that of other developed nations. The health insurance companies have a profit margin of about 30%. Connect the dots! Wellpoint just announced a 39% premium increase for its "customers" in California. Write your congressman and senator and ask them why the health insurance companies enjoy an exemption from the anti-trust laws in this country.
    11 Feb 2010, 12:29 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
    G20 needs to agree on protection of some industries (jobs) in each country, at least for a transitional period. Other countries are doing this anyway, but not in an organized manner. The disruptions of a global, free trade, flat, internet economy are just too hard on people.
    All we're really "freeing" is labor arbitrage, under the current mantras.
    11 Feb 2010, 12:44 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
    Obama said today he was a big backer of business.....Tomorrow he will say he is implementing several new taxes on business....just depends what day and what teleprompter...
    11 Feb 2010, 01:38 PM Reply Like
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