Friday, September 09, 2011

The Day After Obama's "Jobs" Speech

Wall Street is responding poorly, as I expected, to Obama's call for increased taxes on millionaires and billionaires and temporary and limited "tax cuts".   His "jobs" plan basically called to increase jobs for construction workers and teachers.  Sorry to tell him, but most people are not construction workers or teachers.  But we all know why he focuses on those professions.  Those are the big union worker jobs.

Bottom line, Obama and his academic advisers have never held a real job nor have they created a real job in the real world of free markets.   They are clueless about what to do and keep demonstrating that cluelessness every time Obama makes one of his jobs speeches.

Chart forDow Jones Industrial Average (^DJI)

The solution is simple.  Cut taxes permanently, repeal Obamacare, cut regulations in half.

My company is a great example.  We could have hired 75 people two years ago but because of permitting and regulatory red tape, we are still months away from being able to expand and hire these people.  We are uncertain about what the future holds based on Obamacare, potential new regulatory requirements and the economic instability and have frozen hiring by not replacing the people who have left our company.  So not only have we not been able to expand and hire 75 new people, we have not replaced the 10 people who have left (retirement, moved, passed away).   That's 85 jobs (management, administrative, engineers, scientists, construction) with excellent pay and benefits that could be realized but are not because of Obama's policies and lack of understanding how the free market and real world operate.

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