Obama Announces Summit To Fight Unemployment

WASHINGTON — President Barack Obama announced Thursday that he'll host a White House summit next month on fighting the chronic joblessness that continues to be a drag on a struggling economy.

"We are open to any demonstrably good idea to supplement the steps we've already taken to put America back to work," Obama said before taking off for a trip to Asia, where U.S. and global business prospects will be among the key issues under discussion.

Speaking at the White House, the president called a report showing fewer claims for jobless benefits "a hopeful sign." But with millions of Americans out of work, Obama said the government has "an obligation to consider every additional responsible step we can" to get people back to work.

The nationwide unemployment hit 10.2 percent last month, the highest jobless rate since 1983. Economists believe more jobs will be lost, and the unemployment rate could possibly reach 10.5 percent next year because employers remain reluctant to hire.

The December jobs "forum" will bring in public and private sector experts to talk about how to get the job-creation engine running again, Obama said. Because economic prosperity at home is tied to economies around the world, the president said he also plans to talk about a strategy for growth with leaders in Asia.

"It's a strategy in which Asian and Pacific markets are open to our exports," Obama said. "Prosperity around the world is no longer as dependent on American consumption and borrowing, but rather more on American innovation and products."

Comments

[HalEBurton]

Great news, Mr. President.

Does anyone know if the case study summary is online? How much will it count towards our final grade? Are all the study groups filled up? Does anyone want to meet at the rec center and talk about how to go about this project?

[Koreanovice]

I think it was our (american) greed that got us into this mess. We sold our maufacturing business's to foreigners for profit, we bought foreign goods b/c they were cheap (not better quality), we look for the quick buck and instant gratification, we changed banks to investment houses and wonder why our banks fail b/c they invested too heavily, and we bought houses we couldn't afford and blame some else when we lose it. So stop with the instant gratification crap and buy quality (hopefully its american)if possible whatever country makes it, manufacture quality products, save and invest responsibly, and vote for people who shares your ideas-but vote!

[MadAppraiser]

IT WAS NOT OUT FAULT!!! Most Americans felt confident in terms of national economic solvency under the guidance of Washington politicians. Somewhere in Washington is an economic cancer that threatens the economic stability of the country. Someone in Washington instituted a manufacturing default swap that outsourced American manufacturing! America out sources American manufactur­ing/employ­ment, and borrows $100,000,000,000's of foreign capital from these same countries to create a false, domestic economic solvency! America loses its manufactur­ing/employ­ment base, and creates new, foreign compounding debt at the same time! A brilliant 2 for 1 economic swap package by foreigners that sends the American economy into the toilet!

Chairman Kent Conrad's Top 10 Foreign Holders of the National Debt diagram was the wall of bricks that I needed to fall on me. I gained insight into how our foreign competitors obtained the keys to America's manufactur­ing/employ­ment base. Unfortunately, America is going to do a lot of dancing to meet foreign government's demands. AMERICA MUST PUT A JACKET ON THESE DECEPTIVE SWAP MECHANISMS THAT ARE ECONOMICALLY KILLING US!!!

[MadAppraiser]

Sorry about the OUR typo. Haste makes wakes is applicable in this instance! First drafts are difficult!

[webmonkeydc]

New blog post: An Open Letter To President Obama: http://ow.ly/CjLh

[itys]

This just in:
President boosts number of jobs created or saved to 1,000,000. Seriously, that’s what he said.

Oddly enough, the number of jobs the obama administration claims to have saved or created keeps rising. Right along with unemployment.

Obviously, the two stats are mutually exclusive. And based on investigations by newspapers around the country, the president’s stat is as phony as Joe Biden’s hairline.

But please obama, announce another worthless "summit" to help hide the fact that you are an inept inexperience senator from Illinois.

[Spiky Kitten]

He was an Illinois senator - quit saying he is from here - he is not.

[Kassandra]

Hmmmmm...wonder why there was no "summit" for the bank bailout?

Is Obama the New, Democratic Version of President Herbert Hoover?
http://seminal.firedoglake.com/diary/14635

[NoMoreBail2]

We, the American people, dug ourselves into this hold for which there is no escape.a

hat tip to: http://financeopinionss.blogspot.com

[Kassandra]

Maybe You did. The American people could have never, by themselves, brought down this economy.
I'd really like to know how ordinary people could ever have spent 90TRILLION DOLLARS that is now the global debt?
Go on blaming yourself if it makes you feel better, I'd rather look at the money trail.

[Spiky Kitten]

Highlight from the summit:

1. Unemployment is bad
2. Lets take money from the private sector and give it to sectors of the economy we like.
3. Print more money
4. Ease lending restrictions on the stuff we like.

It won't work.

[sc300nc]

Next step for Obama, job fairs on the white house lawn.

[Spiky Kitten]

But wouldn't that interfere with the economic powerhouse that is the farmers market via the White House garden.

[sueinmn]

If I could get a low interest government loan for a business start up, I would start up and hire! Its just too hard to get money!

[Spiky Kitten]

Too hard?
Your business would fail for you are already too lazy to go get what is almost free money.

And why do you not just start a business on your own, no help from the government - that would be called freedom.

[Overtone]

A Human Investment Tax Credit program contains arrows aimed at the bulls eye of reducing unemployment without new inflationary pressures.

These incentives will create several million jobs in the small business sector, with many million more individuals becoming self-employed. This small business employment reservoir is far less expensive and politically workable than government as an employer of last resort.

The critical six suggestions:

1. A $3,000 per person tax credit for existing employees. This credit would be limited to $30,000 for a sole proprietor and $60,000 for a corporation.

2. A $4,000 per person tax credit to employers for hiring additional people. This credit would be $6,000 per person where individuals hired are under 20 years of age. Such credits would be limited in amount for each employer to perhaps $40,000 per year for a sole proprietor and $200,000 for a corporation.

3. A $2,000 maximum tax credit per person to provide a Workshare Bonus to employees who work short weeks and thereby spread available employment.

4. An $8,000 maximum tax credit for self-employed individuals to help facilitate self-employment.

5. A $2,000 per person training credit to employers who participate in training programs to improve job related skills of employees. Again the amount would be limited with primary encouragement to small businesses.

6. A $2,000 credit to corporations to match or stimulate expanded equity ownership by employees.

These “carrots” can readily be voted into law as an urgent order of business for the Administration and Congress.

[Spiky Kitten]

credits and carrots, oh my.
how about a flat tax.

[Gene G]

Whew! Finally someone told Obama the campaign is over and he won. NOW he can go to work. I wonder if anybody in his administration can comprehend the anger out here in the 'boonies' over his coddling of the Wall Street thieves who have put us out of our jobs and our homes?

[Spiky Kitten]

I knew there was a man out there holding a g.un to peoples heads
forcing them to sign home loans with bad terms.

Lets string him up.

[sposton]

Ask yourself how can a country with a per capita income of Albania (the poor man of Europe) be the number one creditor of the richest nation on earth?

Have you had any part in any decision making that has resulted in such a ridiculous outcome? If you are not a part of 1/3 of 1% of population you certainly have not. When are we going to realize that those who are making real decisions of our government are those who are utterly divorced from the interests of the rest of us? Why would we Americans cede our "inalienable" rights and willingly submit ourselves to such a kleptocratic regime?

We cannot solve our problem by merely ameliorating the effect of real causes. We must identify the real causes and correct them. If we don't, we will have proved that those rights were not inalienable at all. Wake up and realize that what you think are not your thoughts at all; the domain of possible thoughts is carefully crafted so that you don't venture outside the boundaries. Unfortunately, the real solutions are all to be found outside of allowable thought space.

Suggetion: turn off that TV and do not read American newspapers!

[batmancw]

Your points are dead on. As someone who agrees with your analysis, I'm curious as to your ideas for taking back OUR power. Voting clearly hasn't produced the desired result YET, because of the lies and corruption that have infested the system for decades. Short of a true 2nd American revolution, which could never happen anyway in this "handout" expecting culture that's been craftily developed, I'm just not sure how to take the power away from the "moneyed elites" because they will certainly fight to OUR death to keep it.

[sposton]

Our revolution must be peaceful and it must first happen in the heads of a critical mass of Americans.

If voting for Obama has proved anything it is that we cannot change the system through election of our presidents because they are selected for us long before we cast our votes.

The only solution still possible is to change our congress. These are extraordinary times and we must discard the usual push button issue across the political spectrum. We must be smart enough to realize the critical issues the corporatocracy buying our "representatives". We must copy our enemy's methods to elect a critical mass of true representatives who promise not to take any corporate money. That means that we must organize to support and then elect representatives that pledge not to take any money from corporations. A few million of us must agree to channel modest amounts (~$100) to those who will run without taking any corporate money. If you are a lefty and a righty is running by pledging not to take money from corporations we must elect the righty. The inverse is true as well.

Once we elect a critical mass of true representatives then we can start reforming our laws to correct our national course. Without doing this we have no chance in the world in the near and intermediate term. In the long term we will be enslaved and then eventually the system will collapse because it is unsustainable.

[RJII]

What's the date and location of the summit? I'm showing up with my resume.

[Spiky Kitten]

And you will be leaving with it also.

[RJII]

meooouch.

[vm12608]

A summit to discuss what should be done? Oh please. Even the most uneducated among us knows what must be done. The problem is the Goldmine Sackses of the world won't let them do it. All the insurance and banking big balloons want status quo. Pawns are replaceable and there are always more "little people" to take the place of any who leave or give up. Capitalism hallmarks are choice and competition. American capitalism has become Corporatism which is anethma to the free marketplace of ideas, goods and services.

[sposton]

Exactly right! We have been transformed from free human beings and citizens with inalienable rights into mere timid consumers. Founding Fathers are rolling in their graves. What has happened to us? From imperfect democracy to tyranny and from freedom to serfdom without a sound of protest! If they ever lead us to concentration camps we will submit like sheep.

[jrutle]

There are signs of hope. This economic depression has aroused a great deal of interest and outrage among many Americans who know there is a great deal that is rotten in our national decisionmaking. Even the teapartiers see that, although they are unwittingly useful idiots for the corporate interests who have run the country into bankruptcy.