Creating new jobs in the US

United States, 7th September: Creating new jobs is, no doubt, the first and foremost aim of the US government in order to give the much needed stimulus to the economy.

As per the latest figures revealed by US Labor Department last week, the economy did not create any new jobs in August.

This is a far cry to the targeted growth of 125,000 for keeping the Americans in employment.

And if the current trend of joblessness continues in the US in the wake of almost negligible growth of US jobs, then the rate of unemployment is going to surge to 9 percent in the year 2012, estimates by the White House show.

Now, the question that often pops up in the minds of all Americans including the federal government is how the US can create new jobs for boosting economic development.

Let’s see some suggestions in this regard— Need for reforms in US visa process for increasing the supply of fresh IT grads—The US is facing a shortage of fresh engineering grads. And this is the root cause of at least some part of the bottleneck in the way of creation of new jobs in the US, admit CEOs of US firms.

According to Kevin Hartz, the CEO of Eventbrite, it is quite difficult to find new professionals with IT skills.

Although, his company, which already has a total of 170 employees on its rolls, needs around 70 professionals by year-end, but its finding it almost impossible.

That’s because of inefficient and frustrating US visa process making it onerous for skilled IT professionals to come to the US for working here, feel many CEOs including Hartz.

US infrastructure needs repairs—Another thing is an immediate repairs to the US infrastructure, point out chief executives of major businesses in the US. poor infrastructure makes US less competitive globally, says, CEO of a global mining company-Rio Tinto, Tom Albanese.

For this, funding is needed not just from the federal government but also from private sources too, moreover, there must be less business restrictions and lower corporate taxes if the US wants to create new jobs, the CEOs assert.

Only then can the US government become a better partners with the business world, states CEO of Magellan Health Services, Rene Lerer.

Relaxing financial regulations by banks—Banks also must play their role in creating new US jobs by having relaxed financial norms for small businesses in the US.

This can be anything from introducing reductions in tax burden to lowering corporate taxes for aiding growth in US businesses leading to increased hiring among businesses.