Obama Talks With Warren Buffett, Ford's Alan Mulally In Preparation For Labor Day Jobs Speech

In preparation for a major jobs address to be delivered after Labor Day, President Obama spoke on the phone with Warren Buffett, the CEO of Berkshire Hathaway, and Alan Mulally, the CEO of Ford Motor Co., on Monday, a White House spokesman has told reporters, according to The Hill.

The president, currently vacationing in Martha's Vineyard, reportedly called to discuss his new job-creation plan, the details of which he is expected to announce in a speech sometime after Labor Day, according to White House principal deputy press secretary Josh Earnest.

Earnest told reporters that Obama and Buffett discussed how to "spur investment and increase economic growth," according to The Hill. They also discuss the country's widening federal deficit. With Mulally, Obama discussed the auto and manufacturing industries, with a particular focus on how the auto sector has dealt with supply disruptions caused by the Japanese earthquake earlier this year.

Buffett, who penned a widely read op-ed for the New York Times this month that called for wealthy Americans to pay more taxes, has consulted with the president before. Last summer, Obama met with Buffett to discuss the economic slowdown and energy reform. In December, Obama met with Buffett, as well as Bill and Melinda Gates, to discuss the economy, philanthropy and national competitiveness. Obama met with Buffett and the Gateses again in July to speak more about their philanthropic efforts.

In an interview with Bloomberg TV last month, Buffett expressed skepticism that the government could do much to influence the ebb and flow of the economy.

"Government gets blamed too much and it may get too much credit when things do improve," Buffett said. "Government's a factor, but I would say by far the biggest factor in corrections of the business cycle over time is what I would call the natural regenerative powers of capitalism."

Mulally, for his part, was part of a group of business leaders who met with Obama in the summer of 2008, during the presidential campaign. Mulally has since met with Obama in other group settings and has consulted with White House officials to discuss fuel economy standards and the outlook for the auto industry.

Few details are known about the jobs plan Obama is developing. The president has already called for the establishment of an infrastructure bank, and for unemployment benefits and the payroll tax holiday to be extended. The plan is also believed to target the nation's long-term unemployed in particular, possibly by opening new training programs for the out-of-work and creating tax incentives for employers to hire more.

Comments

[maxfax]

06:44 PM on 08/24/2011

Is Daly actually helping this administration or is he making it worse?

[Bob Griffith]

06:37 PM on 08/24/2011

On May 20 2003 after the Senate approved the Bush tax cuts for the rich, Warren Buffett wrote an editorial with the the same sentiments he expresses now. At that time he said that he would pay the same tax rate as his secretary. You can read the whole editorial here.
http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&contentId=A13113-2003May19¬Found=true

After the Senate version was reconciled with an even more favorable-to-the-rich version, the upshot was described this way at http://www.ctj.org/pdf/sen0522.pdf

“Congressional Republicans and President Bush have made it clear who they really care about, and it’s not the average taxpayer,” said Robert S. McIntyre, director of Citizens for Tax Justice. “This bill’s extravagant tax cuts for the very rich will come at the expense of everyone else and our children, who’ll have to pay back, with interest, the hundreds of billions of dollars that the government will borrow because of this irresponsible and unfair bill.”

Have a look at both and see the Bush roots of the crash and ongoing deficit problems the Republicans set in motion.

[Robert Fanney]

06:24 PM on 08/24/2011

OK, now here's something for republicans to chew on:

Warren Buffet, a capitalist, calls for the wealthy to pay more taxes. Why? He understands that capitalism works much better under a stable system of government. That feeding anarchy by allowing the wealthy to benefit from the system while not contributing creates instabilities and inequalities that wreck the system. In short, the exist well, the Yin of capitalism needs that little dash of yang (socialism) to function and all absolutist systems fail in short order.

Buffet, the responsible capitalist.

[dadw5boys]

01:41 AM on 08/25/2011

One thing is when the Customer who buy Products that Buffet sales have no money he loses .
So he pays more in taxes and keeps his sales up.

Then Henry Ford effect pay the Employees more they can buy his products

[PoundOFun]

06:00 PM on 08/24/2011

I'm curious, what could the pandering, do what ever the republicans say president say to the amerivan people about jobs?

[nicko68]

05:30 PM on 08/24/2011

Why not confide in your "Jobs Czar" who's busy opening/in­vesting 2 Billion Dollars in a new plant in Beijing? Also the same guy that's busy sharing aviation technology with the Chinese that will hurt Boeing

[Ricky Bobby]

03:29 PM on 08/24/2011

America's worst President - Barak Obama

Can we all agree?

[PoundOFun]

06:01 PM on 08/24/2011

Worst president - G.W Bush....But Obama is in the top 2!!

[dadw5boys]

01:42 AM on 08/25/2011

NO

[Gil1957]

03:29 PM on 08/24/2011

I wonder if Obama asked Warren Buffett to PAY his taxes that he has been fighting not to pay for the last decade.

http://netrightdaily.com/2011/08/warren-buffett%E2%80%99s-taxing-hypocrisy/

[dadw5boys]

01:44 AM on 08/25/2011

That would be the Tax Lawyers doing that . It is their Job to max profits for the share holders .

Buffet is talking about his PERSONAL TAXES !

[BaliHai84]

02:28 PM on 08/24/2011

In a trend that continues to worsen, more Illinoisans found themselves unemployed in the month of July.

Illinois lost more jobs during the month of July than any other state in the nation, according to the most recent Bureau of Labor Statistics report. After losing 7,200 jobs in June, Illinois lost an additional 24,900 non-farm payroll jobs in July. The report also said Illinois’s unemployment rate climbed to 9.5 percent. This marks the third consecutive month of increases in the unemployment rate.

Illinois started to create jobs as the national economy began to recover. But just when Illinois’s economy seemed to be turning around, lawmakers passed record tax increases in January of this year. Since then, Illinois’s employment numbers have done nothing but decline.

Hello, Liberals!! Are you paying attention?

http://www.illinoispolicy.org/news/article.asp?ArticleSource=4362

[Jim bob]

02:50 PM on 08/24/2011

Oh, sure, paying attention to some robot spouting the conventional wisdom that you don't have to pay for your stuff because you're conservative and nobody else matters, that there really is free lunch, all you have to do is be Grover Norquist-friendly, that you have no sense of cause and effect, and that you think roads and police fall out of the sky when tinker bell sprinkles pixie dust in it.

[Gil1957]

03:31 PM on 08/24/2011

You have it wrong. Conservatives do pay for their stuff. Police are paid for thru real estate taxes. Look around. Roads are under construction all the time. It's all the libs in Chicago that don't pay the taxes in Illinois and want their free lunch.

[BaliHai84]

05:31 PM on 08/24/2011

I was using verifiable facts to prove that raising taxes INCREASES unemployment. I don't know what the hell you are talking about. Wealthy people DO pay taxes, and in addition they put money back into the economy by hiring people, investing in businesses . Unlike people who pay NO income taxes, they get a "tax credit" of $7,000 while really contributing nothing to society.

[dadw5boys]

01:48 AM on 08/25/2011

Hello we are --- people all over the world are Unemployed because the American People were ROBBED !
China lost 34 Million Jobs so far and MORE every week because Americans are not buying.

Why don't the State of Illnois have people catching the Asian Carp --- pay a bounty on the carp and then use it for food or Feterlizer -- Fertlizer made from Oil is Expensive !

[DMZ940]

01:35 PM on 08/24/2011

Yes...Tax bonuses for the rich need to go away. Jobs rather it be for employer or potential employees is based on NEED!!! The only way some one is going to offer a job is for there to be a need for that said job. The need can be created. By keeping the tax cuts for individuals that contribute to building that need should remain in tact. Any provision that causes money to circulate, i.e. more money to the consumer class will lead to businesses having to hire more to handle that demand. Government can assist by broadening the tax base with workers who are hired to repair infrastructure. More workers mean more contributing to the tax base (from a deficit viewpoint). The reason why the opposition is against it is simple: they want US to be a third world nation economically. This is about power and control and if the gap is larger between the rich and the poor, its a good thing for them, individually. That is, in my opinion the crux of the issue.

[PoundOFun]

06:19 PM on 08/24/2011

Look, how much money does a corporation or an individual need before its safe to start hiring again? I mean we're talking trillions already in profits....understand one thing, it occured after wwII and in the 90's....only when all america is at work, does this country prosper, only then.

[DMZ940]

10:17 PM on 08/24/2011

I agree wholeheartedly...that is why I said that the tax cuts (bonuses) need to go away for the top 5%. These issues are fixable; it just takes the will and for those who don't get it to come to the conclusion that we are all in this thing together...or least we should be.

[dadw5boys]

01:21 PM on 08/24/2011

MORE REPUBLICAN PUPPETS !
We want more Republican Puppets !

Want also want more Medical Malprastice so lower the cost of Malprastice and CAP AWARDS so we can get MORE MEDICAL MALPRASTICE .

We want MORE MERCURY in our Water so cut the EPA REGS so we can have MORE POSION IN THE WATER !

Get rid of Green Engery Incentives we want to live at the Mercy of the Coal Fired Power Plant Owners .

Prevent a New Electric Power Grid from being built Americans DON'T NEED THE JOBS !
Don't allow Wind Farms to Connect to the Power Grid and lower the cost of Electric Power !

[Ricky Bobby]

01:17 PM on 08/24/2011

Barack Obama will be thinking about his vision to save America – again.

$862 billion porkulus bill saved us from what? Transfer of more wealth?

What next Mr. Mission Accomplished guy?

Is Michelle proud of Amerika?

[nicko68]

05:31 PM on 08/24/2011

He's busy figuring where next vacation will be.

[judow]

06:47 PM on 08/24/2011

the vacation planning is his wifes job, like his presidency he's just along for the ride

[Vic22]

12:22 PM on 08/24/2011

"Government gets blamed too much and it may get too much credit when things do improve," Buffett said. "Government's a factor, but I would say by far the biggest factor in corrections of the business cycle over time is what I would call the natural regenerative powers of capitalism."

There are no jobs because companies won't hire, therefore no one has money or confidence to spend, which gives companies no reason to hire. Plus they can make huge profits with less employees. Its as simple as that.

As far as government creating jobs, it is a great notion for Republicans. On one hand, they can say out of one side of their mouth that government is bad, and cannot create jobs, while complaining out the other that Obama has created no jobs

[dadw5boys]

01:32 PM on 08/24/2011

When Americans fled the Cities for lower taxes in the Burbs Cities came begging to Congress for a program to get homes back on the Tax Rolls and Homeowners in Communities instead of Renters to keep down the drug problem .

A few years later Congress came up with the Community Reinvestment Act for the Cities who would NOT lower Taxes to get people back in the Cities .
The Act helped low income people get into home UNDER $50,000 and those people could afford the payments, the interest rates did not reset for no reason at all , and the excess fees were not allowed .

Then along comes the Destructive Predatory Capitalist who get Congressmen to change the rules allow the Reinvestment Act to ne used for highend and Gated Community Homes even for Commerical Property.

Well they ROBBED THE USA using a good program that was Requested for by local government corrupted by Corporations and scammed by the Ruthless.

[BaliHai84]

02:01 PM on 08/24/2011

Yet another liberal program which has unintended consequences creating a far worse situation, than the one it was supposed to fix.

[PoundOFun]

06:22 PM on 08/24/2011

You are so right....my job cut to the bare minimal, as did most companies and production actually INCREASED.... trust me, the way they have this noose around our necks, there is no way in hell, companies are gonna give up the rope, they have too much of an advantage. People don't call in when they sick, they come to work. They don't demand raises, too afraid, they work harder, because 10 people are waiting to take their place and they don't take vacations as often, too afraid they'd get along without them....its an employers market and they have the edge and hiring more workers is not going to do them any good at all!!

[Scott EngageAmerica]

09:01 AM on 08/24/2011

More taxes on the people who invest is no the way to spur investment. And is more spending really the way forward? Spending has been increasing higher and higher for years under both parties (http://eng.am/pHvEZ3). The Congressional Budget Office projects that by 2021 federal debt will be over $20 trillion. And the best we can do to reduce budget deficits is $2 trillion over 10 years, with only $21 billion out of a total of $3.7 trillion in expenditures, less than 1% of the cuts, coming in the 2012 budget (http://eng.am/nERaq2).

[GreenCanadian]

08:14 AM on 08/24/2011

If he's going to talk to the CEO of Ford, hopefully he'll want to bring back Henry Ford's principles.

[Cacey]

11:43 AM on 08/24/2011

His business principles at any rate. Some of his international issues were pretty bad.

[Gil1957]

03:37 PM on 08/24/2011

Maybe he can some tips from Ford, since they didn't take a bailout and succeeded.

[[e-mail]]

07:22 AM on 08/24/2011

Obama should do what is best for America..........RESIGN..........America needs a leader......Not a LOSER.............NOBAMA2012.

[dadw5boys]

12:08 PM on 08/24/2011

oh what's the matter ?
Are other countries now demanding their people not be robbed to feed you and give you cheap goods ?
Maybe you should send in the Military and take what you want ?
Oh wait your broke and can no longer steal the world's Natural Resources .
Good Luck trying to get along with people your Empire has been robbing for years on a level playing Field .

[NWBrunette]

03:24 PM on 08/24/2011

ABC - Anybody But a Con.