Economy – The Job Factor

September 7, 2010

By Padmini Arhant

The major national concern among the American families are finding and retaining jobs.

There is no doubt that jobs are Democrats’ priority in the Republicans created deficit economy.

Not surprisingly, the response to unveiling the economic plan at this time is “Too little, too late.”

It confirms political expediency to oppose the Obama initiatives rather than extending bipartisan support to help the President save American jobs.

Contrary to the political mindset in the election year, it’s never too late to rescue American workforce and people in distress.

With the high unemployment in certain parts of the country such as Ohio, California, Nevada, Pennsylvania, Indiana…the workers disappointment and voters’ anxiety is about the jobs and the economy.

President Barack Obama eloquently laid out some job aspects in Milwaukee, Wisconsin on Labor Day. The infrastructure proposal for repair, restoration and rebuilding America has great potential for jobs in the construction and service industry.

The President also clarified on the self-funding of the $50 billion job creation plan. Allocating the revenue from tax loopholes is fiscally responsible for it would not affect the contentious national deficit.

Moreover, the remaining funds from the earlier $787 billion stimulus bill allocated towards infrastructure could be verified and appropriated around this time.

Another bill that requires the legislators’ immediate attention is the $30 billion funding to community banks for small business lending in the worst hit areas of the economy. Again identifying wasteful spending to pay for the short and long term job opportunities is economically prudent.

The American plight from coast to coast is clearly visible seeking attention from both the private and public sector. Perhaps, the bipartisan recognition to set the political differences aside and work towards a common goal in the economic revival benefits all.

Those who are opposed to government spending to create jobs need to focus on the economic outcome i.e. helping American families with income that eventually returns to the government through consumer spending and taxes.

Unlike the same opponents’ “no-objection” on defense expenditure for warfare not only consumes enormous budget proportion but also contributes to the national deficit – prominently the two simultaneous wars in Iraq and Afghanistan that triggered the rising deficit problem during the former Republican administration led by President George W. Bush and Vice President Dick Cheney.

On the Democrat side, easing taxations on Corporations pledged to generate jobs has already been enacted in 2009. Further, facilitating job growth in the manufacturing sector would minimize the blue collar job losses and boost the service industry alongside.

The national consortium comprising both private and public enterprises on job stimulus by exchanging ideas and resources is poignant to jumpstart the economy.

By providing specific reasons behind the recent layoffs and slow hiring, the Corporations representing the manufacturing, service and other industries could assist the legislators and federal authorities in understanding the issues – so that remedial measures are implemented for the much anticipated economic recovery.

Similarly, outreaching the small business and retail communities for the targeted assistance would bring relief to the struggling American families.

It’s not sufficient to display mere empathy in these tough economic times. Consumers and businesses are looking for simple to innovative solutions in accelerating the job growth.

Financial sectors have not complied with their end of the bargain in expediting job production, although it was among the criteria during the massive taxpayer bailout in 2008 and 2009.

Credit crunch still remains an economic impediment for small businesses and retailers. Household income having declined due to the job situation, lack of home equity and volatile investment returns are directly affecting consumer spending.

Monitoring the housing market by extending the foreclosure moratorium, $8000 first home buyer credit and affordable refinancing could ease the burden on the homeowners besides improving national home sales figures. These concessions have been tried in 2009 and proved to be positive for the housing sector.

Social security is yet another priority for the baby boomers and retirees dependent on the income. The conservative candidates’ threat to privatize social security in any economic conditions is a political stance more than a pragmatic approach.

Job oriented economic resuscitation is much anticipated among the American workforce and made possible with the combined economic decisions from the private, state and federal institutions.

Above all, the legislators’ bipartisan actions in addressing the serious unemployment status serve as the litmus test for the congressional candidates in the coming elections.

The incumbents and the new candidates have much better prospects of prevailing upon their legitimate demonstration including actions to invigorate job market rather than criticism on the unemployment data.

Jobs are justifiably the primary expectations among the American electorate. Therefore, the private, the state and the federal investments in this respect is paramount.

While the private sector flourishes from consumer spending and investor holdings, the government will gain from tax revenues.

There is no time to procrastinate on this matter as American families are striving hard to provide for their loved ones and a majority of them are in dire financial crisis.

Hopefully, the lawmakers, corporate executives and the economists’ collective actions will soothe the economic pain experienced by many working families in the harsh and competitive job environment.

Your concerted efforts will be appreciated by the suffering American workforce when the economy turns around for common good.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Economy 

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