Employers Say Jobs Plan Won't Lead to Hiring Spur
The dismal state of the economy is the main reason many companies are reluctant to hire workers, and few executives are saying that President Obama’s jobs plan — while welcome — will change their minds any time soon.
That sentiment was echoed across numerous industries by executives in companies big and small on Friday, underscoring the challenge for the Obama administration as it tries to encourage hiring and perk up the moribund economy.
[Part of the estimated $447 billion if the jobs plan were ever fully adopted is] the proposed $35 billion to retain or hire teachers, police and firefighters, as well as $30 billion to refurbish school buildings and $50 billion to build or repair highways, railroads, transit systems and waterways.
Perhaps the most intractable problem facing the economy right now is the plight of the long-term unemployed. More than six million people have been searching for jobs for six months or longer. But with the growing stigma that employees attach to this group of people, the president’s proposal to give employers $4,000 tax credits for hiring the long-term unemployed is likely to be a hard sell among companies.