A couple days ago I went to a forum on job creation at the W Hotel near the White House. It was organized by the Politico and featured three panels. Here are my notes.
The first panel was with Don Graves, President Obama’s Executive Director for the Council on Jobs and Competitiveness. He was first asked about the high unemployment situation and what can be done with unwanted employees. He mentioned selling confidence in the market will lead to job creation. He then emphasized the Better Buildings Initiative, which would reduce energy, provide constructional training and provide more incentive for investment. Training would encompass those in school, as well as the unemployed. He provided an example of the 10,000 engineer project because there are jobs in that field; however, many are unqualified for them. In terms of a time frame of effectiveness, Graves said the training programs would be for the long term and that in the present, faster programs and more on the job training are needed. The Job Council’s focus is now and its strategy is for increased foreign direct investment and insourcing. Graves closed by stressing the need to help small businesses by allowing them to go public and acquire more opportunities.
The Second Panel included: Senator Bob Casey (D-PA), Senator Jeanne Shaheen (D-NH), Representative Mike Mulvaney (R-SC) and Representative Kevin Brady (R-TX). The question of compromising was addressed to the Congressmen and why there is such trouble in achieving it. Shaheen said the goal is clear but the difficult question is the “how.” There was consensus that each side needs to give in order for agreement to be reached; however, there was differences in regards to what the most important issue was. Representative Brady maintained that the most important issue now, is a potential credit downgrade and loss of confidence. Senator Casey believes the most important issue to the public is job creation and dealing with the high unemployment rates. Brady then argued that dealing with the debt issue would aid in creating jobs and moving along the economy.
The Congressmen were then asked for specific actions they would take in aiding job creation. Senator Casey said that we should be tougher with China on their currency and establish greater incentives and rewards for hiring firms. Senator Shaheen had the idea of an infrastructure bank, and Representative Mulvaney said we need to establish a balanced budget, as well as have less government spending because when that is the case, historically businesses spend more.
Finally, the Congressmen spoke about closing corporate tax loopholes. They mentioned that it is not as easy as it would seem. This is because of the opposition from both sides and also, because some are very beneficial, such as tax breaks for owning large amounts of capital which creates more jobs.
The last panel featured policy experts Glenn Hubbard, Dean of Columbia Business School and Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities. Hubbard was critical of the administration, saying the sole blame cannot be put on them; however, their unsustainable fiscal patterns have made the current situation worse. Bernstein was less critical, and both agreed that we need more aggressive investment strategies. Bernstein mentioned we are missing the risk taking or “animal spirit” in this economy. Both also agreed that startup barriers need to be removed because they can give a struggling economy such as ours a huge boost.
DR
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