Reactions to President's Job Summit

The jobs summit was squeezed in between Afghanistan, Copenhagen, and health care. But that's par for the course in this curiously multitasking presidency. Those of us who have insisted that jobs ought to be at the top of a more limited agenda take comfort where we can. And, it's possible that something good will come of this. Clearly, all other public policy ambitions will only be realized when the economy revives. For most Americans, the test of any recovery will be found in the "jobs created" column.

Here's a sampling of how the media and punditry saw the summit.

The Washington Post emphasizes the rediscovery of the private sector. (Rediscovery is my word.)

Obama said that while he appreciates the need for federal investment to fight the nation's high unemployment, private business, not government, holds the key to future job growth. "Ultimately, true economic recovery is only going to come from the private sector," he said.

One might hope that means that policies that discourage new investment and job creation by increasing employer costs will now take a back seat.

And in U.S. News, G.L. Hoffman offers 11 ideas for job creation that recognize the importance of controlling employer costs. For example, 

5. New business tax plan. If you start a business in the next year, there will be no taxes when you sell it. Zero capital gains tax. None. Zero. Same deal if you invest in one. But you have to hold it for two years.

Roger Altman, deputy secretary of the treasury in the Clinton administration, writes in the Wall Street Journal that Democrats must act swiftly to repair their ties to industry. (H/T Jennifer Rubin)

By providing new incentives for job creation and bank lending, offering more detailed and forceful commitment to deficit reduction, improving relations with industry, and taking a more forceful stance towards Wall Street, the Obama administration can reduce next year's election risk.

John Stossel says - and who disagrees? - that too much government intervention in the economy works against the goals of the jobs summit. 

Their micromanagement kills jobs.  When Washington threatens to drastically change the rules of the game with health care mandates, cap and trade, financial regulation, a second stimulus, and (of course) a "jobs bill", the private sector can't make investments with any confidence.  

And, if you've read this far, this chart may explain some of the difficulty the administration is having in understanding job creation.