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December 3, 2009

Obama opens push for jobs

Posted: 07:59 PM ET

(CNN) President Obama called on business leaders Thursday to help the administration kickstart hiring as policymakers contend with rising unemployment that's weighing down the economy.

Some 130 executives, economists, small business owners and non-profit officials gathered for the afternoon jobs summit at the White House on the eve of the government's November unemployment report. The nation is expected to have lost another 114,000 jobs, with unemployment remaining at 10.2%, the highest in 26 years, according to an economists' survey.

"While I believe that government has a critical role in creating the conditions for economic growth, ultimately true economic recovery is only going to come from the private sector," Obama said. "We don't have enough public dollars to fill the hole of private dollars that was created as a consequence of the crisis."

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Filed under: Economy • Larry King Live • Politics • President Obama


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michael armstrong sr. TX.   December 3rd, 2009 10:30 pm ET

Why does the government continue to trust the banks with American tax payers money when the moneys are not coming back out to the people .


Joanne   December 3rd, 2009 10:52 pm ET

@michael-Goldman Sachs as repaid the money provided to them and Bank of America has received approval to repay the money provided to them by the government.


Carlos Tres   December 3rd, 2009 10:56 pm ET

The real bad guys here are the banks and credit card companies clamping down on all credit and increasing fees and rates. How could we bail out this industry and yet allow them to do this? Didn't the credit industry preciptate this recession?


Jackie in Atlantic Highlands   December 3rd, 2009 11:02 pm ET

I don't want to hear that the Government is spending so much money on bailouts when all they helped was large businesses, none of that stimulus helped the average regular person, who is not only in need of money, but also in need of a job these days.


Jackie in NJ   December 3rd, 2009 11:04 pm ET

Banks don't care about people – all they're doing is hoarding their money and getting richer on all the maintenance and overdraft charges they impose on everyone.


Jackie in NJ   December 3rd, 2009 11:06 pm ET

The Government needs to step in and force the banks to stop charging exorbident fees. Maybe if the banks are fined for this, then they'll show a little more compassion.


Lynda   December 3rd, 2009 11:09 pm ET

Millions jobs would be back if H1B, L1 etc visa programs were terminated. There are plenty of IT specialists in this country who are unemployed because of greedy corporations that sent jobs offshore and prefer hiring H1 , L1 holders.


Jojy   December 3rd, 2009 11:30 pm ET

What about US Immigration department proceeding with giving 1 million Job Visas in the midst of severe unemployment.?
Larry you didnt say anything about it in your talk with Magic Johnson,Schmidt etc.


Gerald Jolly   December 4th, 2009 12:21 am ET

There is a solution to the "NO-JOB" market, and it just takes the government to implement it.

The model is available and has been proven to work excellently.

50+ years ago after I graduated from college things were pretty hard in the U.S. at that time, we had just concluded the Korean war, and our economy was in the dumpster.

Having graduated with a chemical engineering degree, I was fortunate enough to land a job with a specialized manufacturing company in the lubricant field, part of the PENWALT CORP. and I was sent to Toronto Canada as the production Mgr. for a newly formed Canadian Division of PENWALT operating under the name of the KERNS/KEYSTONE Lubricant Co.

Upon my arrival in Toronto part of my duty was to hire and train a total of fifteen production workers. "THIS WAS THE GOOD PART.

In the province of Ontario the provincial government had just introduced a new program to help new high school graduates get a job, the program was called OSAP (Ontario Student Action Program) the plan was for companies just starting out to get government assistance to meet payroll expenses of a minimum of 50% for the training of young people starting out in the labor field. the net result of this program was the creation of more than 1 million jobs in less than three years, and the program succeeded 100%

If our government is really sincere in their efforts to get people back to work, a program of this sort would work I am sure and would allow new ventures more flexibility in the way they can be financed, considering that the largest expense new companies have is the cost of labor, by cutting that cost in half, more companies would get on board, and the money used would be recovered within three to four years when those same "TRAINED" employees would now be earning larger salaries thereby paying higher taxes.

It has been proven to work well and it is a far better way to spend our tax dollars than bailing out banks ect. that are still controlling the purse strings.


Businessmom   December 4th, 2009 2:04 am ET

Not sure what Obama is trying to get out of job summit...did he not have something similar like this back in March and nothing came of it? Anyway, I am not sure if Obama and his people understand what 'small business' mean? They invited Google CEO and all the big firms into talk job summit. Have they thought about small businesses are the little coffee shops, the restaurants, the small consulting firms (with revenue no more than $1MM) are the ones who are NOT hiring right now and who are the back bone of this economy. How's about some help for them: reduce the payroll tax, get the bank to STOP charging the outrageous amount of fee including overdrafts, relax the business short-term finance. I own two small businessed which used to employ 20 people – now 4 full time and 4 part-time. I know I am not helping out with the economy but no one is helping me so I am forced to cut down my payroll to bare-bones to survive. I think if the payroll taxes are reduced or take a holiday for a year; it will encourage businesses to hire. Also, as the minimum wages continue to sky-rockets; it is hard for business owners to feel like they have to hire the younger ones with less experience than the older workforce. So, the younger ones – who would spend more money as soon as they make them, don't have jobs as business owners like us chose to hire the more experienced ones for the same amount. Those folks are more conservatives so they don't spend money. They keep most of everything they make. I fear that we will see the economy to continue to its downward spirals for another 6 months which is a shame because by then, many small businesses would have gone out of business and it will hard to recover then.


Cordy   December 4th, 2009 5:20 am ET

May be the President could recall Eisenhower: 'Every gun that is made, every warship launched, every rocket fired, signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed' and take a serious look at how the war is restricting welfare at home.


Dodie   December 4th, 2009 5:40 am ET

@ Gerald Jolly

I really appreciated the information you shared regarding your experiences and insights! Talk about a novel idea! I certainly could see that work here! Ever thought of formulating a letter to the White House. Hopefully someone might read it!


Jimmie   December 4th, 2009 6:33 am ET

It doesn't take a rocket scientist to figure out that the reason there aren't enough jobs to go around, is because all the big companies outsourced
most of the jobs. Big business gets greedier & greedier. There will never be enough jobs in the United States again, unless someone puts a stop to this outrageous outsourcing. And that's why the U.S. is importing more than it's exporting!


Sunny. (Seoul)   December 4th, 2009 7:32 am ET

I hate to hear all this Republicans trying to gain political points and the media(CNN) is helping them do that. Rommy should know that things are not working because he and others are the very one working against it and scaring investors away. How in the world will the health care plan scare away an investor, instead of telling people the incentives and benefits of investing now.
PLEASE WHEN SOME OF THIS COMES FORWARD TO YELL, THEY SHOULD KNOW THAT NOT ALL OF US ARE FOOLS AND DEAF TO HEAR OR BLIND FROM SEEING.
The some of the Republican Gov. congress and senators objected against their states and wards from accepting the stimulus money, and now they are the very first to cry wolf...... things not working and all that, how will it work?
on surge and the (MAY) withdrawal date. PLEASE MR OBAMA SAID; CNN AND OTHERS SHOULD TAKE NOTE.( we will start withdrawing from 2011 july, DEPENDING ON THE SITUATION AT HAND. seconding mr Rommy, sending 30,000 soldiers from USA is a maximum of 40,000. WHAT ARE THE WORKS OF NATO MEMBERS. Please, we should encourage people not discouragment. Mr obama inhereted almost 9% unemployment level from Mr Bush and over $900b, plus the highest worst economic situation from him. so get things right


Sunny. (Seoul)   December 4th, 2009 7:44 am ET

FOR 8 years of Mr.W.Bush administration what did these job and economics experts did to stop the reccession from coming?
It's very painful how people want immidiate and instant turn around from where they are to where they are dreaming to be.
Americans wake up!!! those jobs may not come back again, start now to think of a way out, learn from the Asians( South Korean, Japan, Singapore etc) Humble yourself and make sacrifice if you want to live.
stop listening to all this selfish politicians whose only agenda is to get your vote and remain in office or get into it.
DO NOT FOLLOW FOOLS TO THROW STONE INTO THE MARKET PLACE, YOUR RELATION MAY BE THERE. USE YOUR MIND,


Patrick from BâIe   December 4th, 2009 9:08 am ET

Firstly, businessmen, workers, investors, analysts, financiers and commentators, etc., need to realize that there's no future in going back to the way it was before the collapse. It's opportunity time for change no matter how bad it is, or even if it gets worse for awhile; the basic premise for economic activity needs to be questioned and changed. Failure to recognize this and to do something about it will only lead to further downturn, instability and disappointment.
First thing that needs to change is the position of profit or money as the primary purpose for economic activity. So much effort goes towards making money that it takes on a kind of a "god" character and the earth and the beings that use it for their existence and evolution are often and in general considered as obstacles, hinderances, albeit necessary, in order to make money. Simply put, no future economic or social stability will ensue if this situation is not changed "reversed."
What are we using the earth and its resources for? Do we really want to leave our legacy in the hands of "money" or money managers or money mongers who consume, buy, sell and destroy the earth's resources for gold without regard for life, most importantly human life, but also, animal, plant, and planet. For a secure legacy we must choose life and recognize that money is only a means to support life. Then, we come to recognize that money or profit is necessary but it takes on a secondary means to support our future legacy. In order not to return to the economic and social activity as it was before the world economic collapse, which lead to the collapse, we must recognize money and profit's role but choose to put life– human life and all its other forms first and money second or third or whatever as long as money becomes a means to support life. So in all future economic activity and purpose, life, human life, human activity, work, jobs must be the first priority and money and profit at best second as a means to support human and planetary life. Such a fundamental change would be worth going through the difficulties and sacrifices we are currently enduring, and are probably necessary for such changes to occur.


Ted   December 4th, 2009 9:56 am ET

@ Gerald Jolly

It is great to hear something from you that makes sense and is not insulting!
Yes, european countries always had such programs you describe and it hat its merits. Just think, how many jobs could our country sponsor with the money we blow every day in two wars!?


Gerald Jolly   December 4th, 2009 10:20 am ET

Ted, Dodie, I completely agree with you.

Imagine if the resources used in the two Idiotic wars was used to implement a similar program that was done in Ontario Canada years ago, our unemployment percentage would drop by at least 7% given our population versus the Canadian population ratio.

It has been reported that 68% of the lost jobs in the U.S. affected people between 20 and 30 years of age and it's my asumption that this was a direct result of the lack of experience and training those folks had in jobs that required little or no training to do.
Now imagine if that employer would have recieved a wage subsidy to retrain them or if they could have gone to another job placement where the program was in effect.

The models of those programs are available to our government, but no one wants to access the information because "IT'S NOT THEIR IDEA"
Pretty stupid would'nt you say.

I'm not one of these anti-war zealots, but our people and our needs must come before we see ourselves as the "POLICE FORCE FOR THE WORLD"

IRAQ=$910 billion
Afghanistan= $30 billion a year and still counting.

Simply said "WE CANNOT AFFORD IT"

And in retrospect the reality is that those people dont want us over there anyway, except for the corrupt group of government officials that need us to protect them from their very own people.


Ashley Robinson   December 4th, 2009 11:32 am ET

Firstly, businessmen, workers, investors, analysts, financiers and commentators, etc., need to realize that there's no future in going back to the way it was before the collapse. It's opportunity time for change no matter how bad it is, or even if it gets worse for awhile; the basic premise for economic activity needs to be questioned and changed. Failure to recognize this and to do something about it will only lead to further downturn, instability and disappointment.
First thing that needs to change is the position of profit or money as the primary purpose for economic activity. There is a solution to the "NO-JOB" market, and it just takes the government to implement it.
The model is available and has been proven to work excellently.If our government is really sincere in their efforts to get people back to work, a program of this sort would work I am sure and would allow new ventures more flexibility in the way they can be financed, considering that the largest expense new companies have is the cost of labor, by cutting that cost in half, more companies would get on board, and the money used would be recovered within three to four years when those same "TRAINED" employees would now be earning larger salaries thereby paying higher taxes.


frank & ceil   December 4th, 2009 11:40 am ET

Mr King..why do you have multi millionnaires on your show who wear custom made $3000 suits? what do they know @ mortgage payments, making ends meet, going to garage sales, buying food in cans w/dents, buying fabrics sewing clothes until 2 am,,some people live bove bars & behind grocery stores or live w/grandparents & in/laws...we've experienced all of this..


A. Smith, Oregon   December 4th, 2009 1:40 pm ET

With Republican lawmakers routinely gutting family wage jobs and shipping them overseas while at the same time shutting down fair labor practices and Unions domestically, the JOBS you speak of won't be sufficient for a single working family to even survive unless both parents are fully employed.

Even then, the tax revenues raised are largely used to pay for the Wars in Afghanistan and Iraq both of which I strongly object to, enable the Taliban to flood the world with cheap Heroin which I strongly object to, and prop up a very corrupt foreign leader who is utterly dispised by his own people.

The point is, when the Republican party on behalf of their Corporate Masters offshored many of the highly paid engineering jobs to India so they wouldn't have to pay American prevailing wages and health benefits, the GOP effectively shot the goose that pays for both wars and the Pentagon budget increases.

Pass a War Tax on American Corporations


Ashlee Guy   December 4th, 2009 1:58 pm ET

First, businessmen and women, workers, investors, financiers and etc., need to realize that there's no future in going back to the way it was before the collapse. FOR eight years of Mr.W.Bush administration what did these job and economics experts did to stop the reccession from coming? It is a far better way to spend our tax dollars than bailing out banks. Just think, how many jobs could our country sponsor with the money we blow every day in two wars. Then, we come to recognize that money or profit is necessary but it takes on a secondary means to support our future legacy.


Ted   December 4th, 2009 2:41 pm ET

A country, that lives from consuming products made by other countries is destined to go bankrupt sooner or later. You just cannot keep sending your dollars outside, you must produce yourself, so there are jobs and the money stays at home.

Our government allows anyone to flood the USA with cheap products, mostly made by children and underpaid women.
Some time ago I read a report on what China buys from where:

They buy mashinery and chemicals from Germany,
electronics and expensive food from France,
airplanes manufactured by Germany and France, and
soybeans from the USA!!!!
Yes, you read it right, soybeans, just like we were a third rate agricultural country.

This is mostly the fault of our businessmen, because they kept producing the same shoddy products over the years, meanwhile our adversaries like Germany, Japan, Korea, Taiwan, etc. came out with a better quality, more up to date modern products. No wonder more and more people avoided buying an american car or TV.

The whole idea of we being a service provider to the world was crazy and now even more crazy. Our own companies are outsourcing more and more such jobs, because in India they will do it for $ 200-300 a month. We just cannot compete with such low rates.

I believe in free trade, but we must set limits. On a contractual agreement both China and the USA will allow an import of 100 billion dollar a year! Should China not fulfill her obligation, their exports will not enter the USA, but either will be sent back or can rot on the piers.
This must be steadily controlled, because in Asia cheating is an honorable deed.
In addition, we charge exactly the same import tax as our trading partners do. European countries charge 19 – 25%, so we do the same. If Korea doesn´t allow our companies to set up business, then we also forbid it. We must had during the past 5o years real nutheads in Washington if they could not figure this out. They just sold our country to the lowest bidder.


annie   December 4th, 2009 4:23 pm ET

the bloggers are very intelligent people .


luckybee   December 5th, 2009 1:06 am ET

Police force of the world What are you talking about?Wasn't the USA attacked by Al Qaida?Have you forgotten New York ;The twin towers and the pentagon in Whashington DC?With nearly 3000 deads?That is more deads as the attack on Pearl Harbor in 42.
Bush just can't wait till the european make a decission;Obama will notified that the European can't make any descission at all.


Ted   December 5th, 2009 8:16 am ET

@ luckybee,

Al Qaida is a private terorrist organisation, not a state entity, so we cannot bomb countries for their crimes!! They are all over the middle east, should we carpet bomb all those countries?
Pearl Harbor was in 1941, not 1942.
Just because we recklessly attack countries it doesn´t mean others have to make the same mistake, europeans have just a little more brain than our politicians do. Nearly 80% of germans are against their involvement in Afghanistan, therefore you cannot expect much from there. The same sentiment is prevailing in Great Britain, France, Italy, etc. This may be the reason europeans are getting steadily richer, meanwhile we loose our financial and industrial power.
We blow it on senseless wars.


luckybee   December 5th, 2009 9:24 am ET

Dear Ted Al Qaida is a world organisation of the islam;based on the qoran; exactly the Medina preachings of Mohammed.Exactly what the islam wants moslims to do, to conquer the world for Allah.
We are in war with them, and every country that render them save haven, or could be a help of al Qaida, are also our enemy.You can beat the hel out of them, without any regrets.We beter fight the war in theyr country's as in ours.We have to fight them anyway, I don't want to become moslim.


Dodie   December 6th, 2009 3:23 am ET

Very impressive page. Everyone has made excellent contributions and ideas.

@ A. Smith, Oregon and Ted!

You both are absolutely correct! Outsourcing all manufacturing overseas means more money goes out of the US than comes in! You both certainly have given excellent discussions.

@ Ted! Yikes... that is all we export is soybeans? and I believe they are grown in the Amazon Jungle, Hence all the jungle burning for these crops. That is pretty pathetic!

@ Ted and luckybee

Al Qaida – is an international (located in many countries) organized Islamic fundamentalist group founded in the late 1980s, by Osama bin Laden and Muhammad Atef. Its goal is to establish a pan-Islamic caliphate This organization operates through an international network of secret cells: it claims to be engaged in a jihad and possibly partially funded by India and Saudi through the international financing system, Hawala.


Ted   December 8th, 2009 2:35 pm ET

Dodie,

I am sure China buys from us some rice, corn and basic chemical stuff. However, all the sophisticated and expensixe items come from other countries. GM and Ford has factories there where chinese workers produce cars and our country has no profit from it. I am sure those companies know how to fix the books so they do not have to pay taxes in the USA.
Just to think 60 years ago we were the mightiest country in this world, both militarily and financially. Now we are beggars and a slave to China, Japan and Germany as we owe them so much they could ruin our country in a minute.
Shame, shame, shame.......


luckybee   December 8th, 2009 11:23 pm ET

I don't think we have to fight the islam at all;I think God make them kill each other, till they are none of them anymore. See what happens in Iraq en Pakistan now a days.


luckybee   December 8th, 2009 11:26 pm ET

And they do it without our help


biggravyd   December 14th, 2009 11:23 am ET

it does very little good to even have a job if it doesnt pay enough. with businesses/ government agencies setting prices to their liking. then wonder why theres this economic mess thats been created.


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