From CNN's Breaking News:
"EXCLUSIVE: President Barack Obama told CNN's Jake Tapper on Thursday that some of the country's largest corporations have signed on to a White House plan to boost the hiring of the long-term unemployed.
'What we have done is to gather together 300 companies, just to start with, including some of the top 50 companies in the country, companies like Walmart, and Apple, Ford and others, to say: Let's establish best practices,' Obama said in the exclusive interview...
Obama's move is in line with his pledge to use executive action on his agenda items that he hasn't been able to get through Congress."
The Frustrated CFO Comment:
Alrighty then! So, this is how we are going to deal with overpopulation and economic stagnation: Instead of cutting down government spendings, ceasing the preposterous fueling of the financial sector, ending the subsidies to failing industries, letting the stock market to finally adjust to its real value, providing incentives to domestic manufacturers for repatriating their productions from overseas, and reducing business taxes in order to reignite small-business growth, the President proposes to create a new form of Welfare, i.e. to force big-time employers to absorb long-term unemployed people - in exchange for some tax credits, no doubt.
Hmm... Not that I'm concerned for the overgrown business superpowers with their blown out of proportion stock values and unjustifiable multi-million-dollar executive salaries, but if they don't experience a labor-force deficit, why would they accept extra employees? That goes against every single principle of a market economy, even in its degenerative form we have right now! And where they are going to employ them? Walmart is planning on opening more super-stores? They are everywhere already. So is Apple. And Ford? Do you mean Ford Motor Company, the one that posts $5-$6 billion losses every year; the one in Detroit - the city declared bankrupt by US judge Stephen Rhodes two month ago? You must be kidding!
And how these companies are going to pay these people? I can't imagine the execs will let their ballooned compensations to be slashed by 80%. So, what then? Everybody, except for a handful of the privileged, will take the same percentage cut to accommodate the unnecessary additions? Let's make most people equally poor, so that everyone can be "employed" and bring home something? Wait a minute! Didn't somebody already tried this experiment? Oh, yes, communists in the socialist camp did! Worked like a charm: destroyed their economies and created hordes of lazy, unmotivated, and unskilled workers! Welcome to your future, people, courtesy of your elected leader!