Monday, November 30, 2009

Surprise! Obama And Business Leaders Disagree About Job Creation

The WSJ has the details:

"The Obama administration and U.S. business leaders will meet at the White House this week to ponder ways to boost employment. Their ideas, though, don't overlap much.  Businesses of all sizes are brimming with proposals they say would spur economic growth. The most commonly voiced are tax cuts and boosting access to credit.

The White House, for its part, wants to discuss job growth in the clean-tech sector and shifting some stimulus spending to infrastructure projects. Obama aides are also eyeing a limited range of incentives for small businesses to create jobs.

Across the spectrum, business owners say tax cuts would be the best fuel for job growth. "The first thing they should do is lower the corporate tax rate," said Michael Klayko, chief executive of network supplier Brocade Communications Systems Inc., one of the few companies, even in Silicon Valley, that continues to hire.

Mr. Klayko said big tech companies and other multinationals would jump at the chance to bring billions of dollars in overseas earnings back to the U.S., if the Obama administration offered a tax holiday on repatriation similar to a move the Bush administration made in its second term.

Bill Rys, tax counsel at the National Federation of Independent Business, said his trade group is pushing for a payroll tax holiday.

The U.S. Chamber of Commerce is pitching an even longer list of tax breaks, including a reduction of the corporate capital-gains tax and a permanent elimination of the estate tax."

Hmmm, let's see.  Whose economic judgment should we trust?  The architects of business who have created million upon millions of jobs and who risk their own capital in the process, seeking a return on their investment . . . . or a former state Senator with virtually zero experience in the private sector (and, come to think of it, virtually none in the public sector either).

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