An Open Letter To President Obama
December 4, 2013
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OOPS! Never write one of these when you are half asleep. Supply and Demand is pricing. But the point I was making is valid. Managers hire when they have orders in hand. And the GDP was 4.1% this morning, so maybe we are on the way to under 7% unemployment. Finally!
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" But instead of hiring or instituting new growth initiatives, firms are sitting on lots of cash and waiting; waiting to know if we will have a more business friendly corporate tax rate." Yes, I have heard this bedtime story many times. The only problem is that managers hire people not when they are certain of the tax rates, but when they have orders in hand for their products. In Econ 101 it is called supply and demand. Meanwhile Bernanke just stated at his last news conference that the Republicans' actions cost the economy billions of dollars and over 600,000 jobs. So, the problem isn't Obama or the Democrats full employment ideas, but the GOP's austerity measures. By the way, the last time Congress past a budget was 1997.
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Balance a budget? They haven't even delivered one in years, just one "continuing resolution" after another. Most readers here are also employers of some kind. Imagine if one of your employees did not fulfill one of their key job functions FOR FIVE YEARS. Would they still work for you? One of Congress's key functions is to deliver a budget. They continue to fail at that and WE CONTINUE TO RE-ELECT THEM. Shame on us.
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I believe that Mr. Hennessy has done an excellant job at suming up the sentiments of most of us in this field, well said Sir...... ps- to kweber, get over yourself! Perhaps if you and your fellow "mushrooms" ventured out of the dark and took an honest look at our country and a Washington (BOTH parties!) that refuses to balance a budget today, when they can put it off till tomorrow......you too could see the bigger picture.
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"When people have money in their pockets, they will spend it and corporations do exactly the same thing." Really!? That is quite the silly statment, since you directly contradict that with "companies are sitting on close to $3 trillion in cash and short-term investments." Corporations cannot "spend it" and also not spend it. And as a life-long Democrat I found your statement, "The perception in our country is that Democrats favor policies that “take care†of everyone" to be offensive." That is the Fox News perception; no Democrat I know would agree with you. Your entire article is long on rhetoric, short on specifics.