President Obama will have some ‘splainin to do after the CEO of Caterpillar contradicted his claim that the stimulus bill would allow the company to hire back some of the workers being laid off.
From ABC News’ Jake Tapper
EAST PEORIA, ILL. — President Obama today repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., “said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off.”
Caterpillar announced 22,000 layoffs last month.
But after the president left the event, Owens said the exact opposite.
Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, “I think realistically no. The truth is we’re going to have more layoffs before we start hiring again”
“It is going to take some time before that stimulus bill” means re-hiring, he said.
Owens supports the stimulus plan, but said it would take some time to have an impact on his industry and “is a little light on the heavy construction.”
Oops. Does Obama actually think that the stimulus will have an immediate impact on the jobless rate and that companies would begin hiring or re-hiring as soon as the bill is signed into law? Once again his inexperience comes shining through.