July 22, 2010
The headline tells you all you need to know: "Companies have the cash, but not the will to hire."
Corporate America is hoarding a massive pile of cash but isn't hiring anyone. Why should this be a surprise? Corporate America wants to know the affects of the massive tax increases about to be imposed on the public by the Obama administration and congressional Democrats. Corporate America also is unsure about the ultimate costs of the Democrats' so-called health care law.
There is no incentive for businesses to hire until they know what a new hire will cost them, not just in salary, but in terms of mandated benefits.
Uncertainty is a major reason for volatility in the stock market which holds trillions in investment and retirement dollars. Wouldn't the progressive left like to get their hands on that money? Believe me, they are thinking about ways to do it.
If the Democrats want corporate America to hire workers, then cut their taxes, reduce their benefit costs and stand back and watch the economic rebound. It always happens this way.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.