In the past week or so, major media has caught onto the point that CEOs are dismayed by Team Obama’s economic, regulatory and pro-union policies and won’t do any serious hiring while Obama is in power.
For the record, the Homa Files pitched this case almost a year ago in a post titled: “Why private sector jobs won’t be coming back any time soon … hint: it’s called passive aggressive resistance” … the punch line:
Given the Administration’s anti-corporate rhetoric, actions, and proposed game-changing rules, I doubt that many CEOs will be taking on added costs and risks to boost the administration.
More likely, they will let unemployment continue to creep up, and will slow roll the process of rehiring.
Corporate chieftains will sit back and watch the President squirm and spin his “4 million jobs – saved or created”. As Rev. Wright would say “the chickens will have come home to roost”. Passively aggressive resistance at its very best.
Unfortunately, that means we’ll be seeing double digit unemployment for some time – at least through the 2010 Congressional elections.
The full post is worth another read !
https://kenhoma.wordpress.com/2009/07/21/why-private-sector-jobs-wont-be-coming-back-any-time-soon/
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Ken’s current take:
Certainly there won’t be any meaningful hiring until the Nov. elections are in the book.
CEO heels are dug in. I’ve heard cocktail party chatter like “Each job added is a vote for Obama … Fool me once, shame on you … fool me twice, shame on me”
CEOs may relent a bit if Obama put in check by a GOP Congress … but frankly, I don’t think it’ll be statistically significant.
We’ll be stuck with unemployment in the 9s until 2012 … or until there’s a substantial policy roll-back – e.g. repealing ObamaCare.
And, the latter just ain’t gonna happen …
The Homa Files 