Wednesday, June 22, 2011

Unemployment Will Continue

This is a Federal Reserve graphic of what unemployment will look like in the next few years. There is no light in the near horizon. Part of the problem aggregate demand. The poor and middle class have less money to spend. That is why the GDP has been hovering under 3 percent this year.

Obama has sought the advice of CEOs from Fortune 500 companies. What they have been telling Obama is corporate tax cuts are needed. This isn't a change of position. While progressives believed that Obama was their knight; Obama said during the 2008 campaign that he would consider cutting corporate taxes. Obama's focus on job creation has been to appoint David Cote, CEO of Honeywell, and John Lechleiter, CEO of Eli Lilly & Co. to the Jobs and Competitiveness Council. The chair of the council is Jeffrey Immelt, CEO of General Electric. GE paid zero taxes in 2010. GE also received $3.2 billion tax return.

Obama has appointed men that are using their White House position to push for more corporate tax cuts.


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