The lead story for the 7 AM East coast viewers of the Today Show (NBC) this morning was a report by Carl Quintanilla of CNBC. Quintanilla’s gave an analysis of the good economic news that unemployment in December was down 11% from the previous year and the four week average unemployment rate is at the lowest level since June 2008.
“It’s not corporate America coming to the rescue with new jobs. It’s mostly small and medium size businesses…,” said Quintanilla.
Then after 8 AM this morning the Labor Department announced that 200,000 new jobs had been added in December and the jobless rate dropped to 8.5%, the lowest in three year.
While big business and multinational corporations now have numerous organizations in Washington trying to convince Congress that they can’t create jobs unless corporate taxes are dramatically reduced and profits hidden offshore are allowed to come back home at miniscule tax rates, small and medium size businesses are boosting the economy.
The big business organizations like Tax Reform Coalition, RATE Coalition, WIN America Campaign and U.S. Chamber of Commerce and their members are pouring money into campaign contributions, lobbyists and public relations that they could be using to create jobs.
Small and medium size businesses, on the other hand, are using their money to hire more workers and increase production.
Congress should take note. The real job creators are doing just that. Corporate America just wants to make more profit without making the investment.