Business feels lukewarm on Obama jobs plan

(From the ft.com) Business groups delivered a generally lukewarm assessment of President Barack Obama’s jobs plan, but most found some measures they could support. These included the promise to make progress on trade deals and the plans for encouraging large infrastructure projects. The threat of tax rises for higher-income individuals and companies was generally the most criticized section of the speech.

None of the groups directly attacked the central elements of the initiative: the new breaks for companies on their social security tax payments, and the extension to the lower rates for employees’ payments, which are expected to face opposition from some Republican in Congress.

However, while there was universal praise for Mr Obama, who has had a bumpy relationship with business groups during his presidency, for choosing to address the question of jobs, the US Chamber of Commerce was typical in arguing that when it came to specific proposals “his ideas appear to fall short”.

Tom Donohue, the Chamber’s president, said it was “time for action” to create millions of new jobs for unemployed Americans.

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