Barack Obama will be in North Carolina today meeting with one of several groups of appointed committees on job creation and reducing unemployment rates. Jeffrey R. Immelt, CEO of General Electric is one of the key players on Obama′s Jobs and Competitiveness Council, somewhat ironic as GE has lost market share, equity and jobs since Immelt became CEO. Obama will only devote a small portion of the morning to this, has he heads later to Florida to attend three DNC fund raisers. Meanwhile, the White House held a larger fund raiser as the DNC invited 24 top execs from Wall Street to pony-up money for the 2012 campaign last night. Obama spent one hour attempting to convince them to give him a second term.
Since Obama has taken office, America has had a net loss of over 2 million jobs, many put the number well above 3 million. Immelt and American Express CEO, Ken Chenault, will meet briefly this morning with Obama as they lay out the recommendations of the Jobs and Competitiveness Council. Based on an op-ed piece in today′s Wall Street Journal, we can expect them to suggest more emphasis on job creation in travel, tourism, and the construction industry, as well as improving job training and reducing bureaucratic red tape that limits growth. For example, most states require between one to four weeks to process requests for starting small businesses. In Hong Kong, it takes only one day.
The lack of real economic growth is a major problem as the nation is shackled to ever growing budget deficits and debt. Too much emphasis has been placed on government hiring, as well as government funded programs such as those to improve energy efficiency. While such benefits public unions and crony companies that support the Obama administration, like GE, in every recession in history, it was always small businesses that led the way to job creation and GDP growth. There has been little, if any relief to aid small business in start-ups and expansion.
While Barack Obama talks about jobs and unemployment with Jeffrey R. Immelt of General Electric and Ken Chenault of American Express, do not look for any real recovery anytime soon. Obama will spend most of today at DNC fund raisers, where he will continue to blame the economy on George W. Bush. While this strategy may sound good to Obama′s own ears, most polls of late show that it is no longer being bought by the American people.