Obama flatly rejected any major new allocation of federal funds to create jobs and ruled out a second stimulus package
he appealed to the multi-millionaire CEOs in attendance to propose measures that would induce them to begin hiring workers. “What’s holding back business investment and how we can increase confidence and spur hiring?” he asked. “And if there are things that we’re doing in Washington that are inhibiting you, then we want to know about it.”
The CEOs of FedEx and Walt Disney
responded with demands for cuts in corporate taxes,
Obama indicated that he would propose tax incentives for hiring new employees, the dismantling of business regulations and other measures that will do next to nothing to put jobless people back to work, but will further bolster the executives’ profits.
he mildly criticized the banks for not lending to small businesses and consumers and took some rhetorical shots at the insurance companies
the event only underscored the oligarchic social interests represented by Obama and the entire political establishment.
had “to face the fact that our resources are limited.” Government measures had to be “surgical,” he declared.
neglected to note that the major reason for the tripling of last year’s deficit
compensation at the 23 biggest US banks, hedge funds and other financial firms is expected to top $140 billion this year.
Obama said, “It’s not going to be possible for us to have a huge second stimulus, because frankly, we just don’t have the money.”
nothing can be done that impinges on the wealth of the American financial aristocracy or threatens its stranglehold on the economy.
ultimately true economic recovery is only going to come from the private sector.”