The White House is holding a jobs summit today, which is essentially going to be only a dog and pony show--all pageantry, no results. For instance, the US Chamber of Commerce, which happens to be one of the biggest critics of President Obama's economic policies, won't be there.But Oprah Winfrey will be at the White House today. Not for the jobs summit, but to tape a Christmas show with the Obamas. How serious is the president about solving the unemployment crisis?
And about those Obama policies...Robert J. Samuelson of Newsweek thinks that Obama should reconsider some of them if he is really serious about creating jobs.
Obama can't be fairly blamed for most job losses, which stemmed from a crisis pre-dating his election. But he has made a bad situation somewhat worse. His unwillingness to advance trade agreements (notably, with Colombia and South Korea) has hurt exports. The hostility to oil and gas drilling penalizes one source of investment. More important, the decision to press controversial proposals (health care, climate change, taxes) was bound to increase uncertainty and undermine confidence. Some firms are postponing spending projects "until there is more clarity," Zandi notes. Others are put off by anti-business rhetoric.
The recovery's vigor will determine whether unemployment declines rapidly or stays stubbornly high, and the recovery's vigor depends heavily on private business. Obama declines to recognize conflicts among goals. Choices were made—and jobs weren't always job one.
Samuelson forgot one proposal: The so-called Employee Free Choice Act, "card check," which is loved by the unions (and Obama), but if enacted, will be a jobs-killer.
If Obama is really serious about adding jobs, he'll radically alter his economic policies.
And forget the dog and pony (and Oprah) shows.
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