Wynn Follow-up: Why private sector jobs won’t be coming back any time soon

Gotta use Steve Wynn’s “Obama the wet blanket” remarks to flashback.

For the record, Homa Files has been all  over this cause & effect for over 2years.

Here’s a reprise of the post: “Why private sector jobs won’t be coming back any time soon”

* * * * *

The dismal jobs picture isn’t really very mysterious: 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 2 years 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 lines:

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 along, 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 high unemployment for some time – at least through the 2012 Presidential elections.

The full original post is worth another read !

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Ken’s current take:

Certainly there won’t be any meaningful hiring until the 2012. 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 started to relent a bit when the Congress tilted GOP and Obama extended the Bush tax cuts.  (Whatever happened to Immelt’s job creation task force?)

But, recent moves – e.g. stopping Boeing’s move to South Carolina, stumping again for higher taxes, especially on off-shore profits – have more than offset any momentum.

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 …

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One Response to “Wynn Follow-up: Why private sector jobs won’t be coming back any time soon”

  1. Scott Says:

    CEOs would defer hiring activity for legitimate business purposes to make a political statement? Sounds like a horrible management strategy. Staffing decisions should be made to optimize profits and advance business goals, not to serve as political retribution. The real story is uncertainty. If both political parties can’t agree on a budget and a proper regulatory frameworks then business needs to stay in a holding pattern until they bridge their differences.

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