U.S. Jobs Bill: The great panacea?
In President Obama’s June 8 press conference, he noted in regard to job creation that “the private sector is doing fine.” While it set off a firestorm of disagreement by Republicans, it raises the question: If Congress passes a jobs bill, can it be a hedge against international global economic trends, such as Europe's struggling economy?
We recently asked just that question of roughly 125 senior-level executives and 66 percent responded that a jobs bill would not be a hedge against global economic trends. Yet, 67 percent of the executives believe that local government hiring is going in the wrong direction.
Regarding the President’s statement, economist and New York Times columnist, Paul Krugman noted in an interview with Charlie Rose on CBS This Morning. “You know, that was an unfortunate line. The president bungled the line. The truth is, the private sector is doing better than the public sector which is not well enough."
Regardless of where you stand in the political spectrum, these results pinpoint the confusion in the marketplace. On one hand, executives do not think a jobs bill can counteract the impact of the faltering European economy. Yet, on the other hand, executives believe that state and local hiring is going in the wrong direction.
The confusion is understandable though. A jobs bill can stimulate public sector jobs. In fact 71 percent of executives surveyed said improving jobs in the construction sector is a key way to help the economy and they do think we need more policemen, firemen and teachers. However, executives do not think it is a panacea and that policy alone is enough to solve the present economic woes.
Do you think if Congress passes a jobs bill, can it be a hedge against international global economic trends, such as Europe's struggling economy?
- Yes (29 percent)
- No (66 percent)
No opinion (5 percent)
Do you think state and local government hiring is going in the wrong direction?
- Yes (67 percent)
- No (20 percent)
- No opinion (13 percent)
Do you think that improving jobs in the construction sector is a key way to help the U.S. economy?
- Yes (71 percent)
- No (21 percent)
- No opinion (10 percent)