Obama to Act Against Outsourcing Jobs

Indian industry is due to suffer a major blow, as President Obama is getting ready to end the tax break for companies who are outsourcing jobs overseas.

He accused opposition republicans, of putting politics before economy and encouraging companies to outsource jobs and profits to other countries.

He was speaking during a mid-term campaign in Ohio Wednesday. He emphasized that the tax breaks should go the companies who create jobs in America. He also vowed that he would allow Bush era tax-cuts to expire for the people who earn more than $250,000, which the tax-cuts would be extended for the people who earn less.

He is also determined to push a new $350 billion plan to recover a failing economy which includes tax cuts for business to write off 100% new investments and to purchase new equipments. White House officials estimate as result of this plan, 1.5 million companies will benefit and it will be largest temporary investment incentive in American History.

He also highlighted a new proposal for the investment in infrastructure and also for extending tax credits for new research and development to businesses.

He emphasized that the difference between the vision of republican and democratic is of vision. While Bush era, allowed tax-cuts to be given to companies, who outsourced jobs and profits to other countries. While he is going to encourage companies, who will retain jobs and profits in America.

He also urged the Senate to pass the small business job bill that is stalled due to the differences between Republican and Democratic differences.

It should be noted that a major part of profits of Indian IT and BPO Jobs comes from outsourced jobs and services of American companies.

Source: indianviral.com

US loses 54,000 Jobs, Obama Promises New Package

WASHINGTON, USA: As the US lost 54,000 jobs last month, President Barack Obama promised a new package of ideas next week on job creation and lashed out at Republicans for blocking a legislation to help small business.

Obama's renewed criticism of opposition Republicans came in the wake of Friday's release of new unemployment figures showing a rise from 9.5 percent to 9.6 percent in August.
Economic recovery in N.America slipping.

Most of the job losses in USA, however, came from the public sector as the government cut 114,000 temporary census workers according to the Labour Department. Private businesses added 67,000 jobs to their payrolls.
August was the eighth straight month that businesses added jobs, following nearly two straight years of job losses. So far this year businesses have added 763,000 workers to payrolls.
"That's positive news," Obama said at the White House, flanked by his top economic advisers. It "reflects steps we've already taken to break the back of this recession."

"I don't regret the notion that we are moving forward ... because of the steps that we've taken," he told reporters. "The key point I'm making right now is that the economy is moving in a positive direction. ... We just have to speed it up."

But he warned, "There's no quick fix to the worst recession we've experienced since the Great Depression."

Senate Republicans, he said, were responsible for a "needless delay" in the passage of legislation designed to increase bank loans to small businesses.

Specifically, the measure would set up a $30 billion lending fund to help community banks offer small businesses credit. It also would provide tax breaks to small businesses that invest in new equipment and hire unemployed workers.

The House of Representatives passed a similar bill in June. Republican opposition has focused, among other things, on the cost of the measure.

Republicans lashed back at the president, blaming him for what most observers still characterise as a weak recovery.

In a statement, Republican National Committee Chairman Michael Steele said, "With 54,000 more Americans finding themselves out of work this month and unemployment rising to 9.6 percent, President Obama's 'Recovery Summer' has ended right where it began, with Americans continuing to lose their jobs and unable to find new ones."