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Could Obama's latest jobs plan backfire?

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    President wants to penalize companies for creating jobs overseas by taking away tax breaks

  • Duration 7:29
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The president wants American companies to bring jobs home.

Not a CEO of one of America's biggest company is telling the president to get a reality check hello everyone I'm Charles -- for Neil Cavuto.

-- box on top of a jobs plan that has at least one major CEO scratching his head.

The president wants to penalize companies are creating jobs overseas by taking away tax rates something the big boss -- caterpillar spoken -- about this -- Yes candidate RX.

-- -- twenty billion dollars of goods in 2011.

All by American hands American workers.

To all over the world in order to do that we have to create jobs and all those countries that we export to to be able to sell there.

Why is caterpillar bad if we create a new job in India or China to receive US exports.

It makes no sense to me.

We -- drive all the exports weekend from the United States we were concentrate -- all those consumers outside.

Contractors customers outside the US that we possibly can't were going any need to create jobs -- over they're able to be able to do that.

Showing signs that -- -- -- -- call -- that -- fits well Matt.

What this plan actually cost this jobs here in America I think it will I think the problem the president has right now as he forgets that were in the midst of a global economy.

So why -- -- such as caterpillar for example -- a large portion of sales from overseas which is fine I mean that that's how you have to really do business in this type of environment.

But what the president doesn't comprehend is a fact that.

You have to also employs overseas to continue to grow this corporation and without them overseas caterpillar went -- bringing in -- profits that they just read reported last quarter.

Also the money that these companies are making their base in the US.

But the bringing money back from the foreign countries putting it back into the plant machinery and -- state who create jobs here in the united states of the same time.

Well there have been I think you know not only they bring in his money back but they've completed with the president -- -- give us a break we got a trillion and a half overseas we love to bring back but the point -- If you penalize these corporations it doesn't help Americans get any jobs.

And it doesn't help the investors and investors are -- of their retirement plans of workers the president has a fundamental confusion which is.

He thinks investor means billionaire -- investor in some result top -- investor means retirement funds people who work on an assembly line are working on account or worked at a bank.

-- -- as a bank teller all -- our life.

And those are the stockholders and they benefit if what word of more jobs can be shipped overseas they'll allow -- -- -- -- to stockholders here in America we want to have as many jobs here in America blue on American retirees to be able to pay their bills to -- That that that's really the fundamental tension do we help the investors which has boasted pensioners are do we help the people who are union bosses.

Hey you know I gotta tell you that in the rhetoric is getting higher higher you hear an all time and it -- yours have a choice the carrier to stick the president's put picked up the workers thick.

And it's in sourcing thing he's talking about.

In my I am boats but it could destroy some of the best companies that we have released make them less competitive.

He has to do something 'cause unemployment rate is still a half percent and he's had several years to do something about it and his policies and is spending.

Haven't really changed the equation very much so what are you gonna do -- -- top topic carry the biggest stick that you could possibly care the president really wants a way back machine.

He wants to go back to the -- to let the days when we made a lot of good in this -- -- and fails to acknowledge that as a growing developed nation.

We are a nation -- -- will.

Will be -- ideas in intellectual property and in creating things not necessarily making them and that's the grim reality he will never -- Innocent -- David brings up a fantastic point the president talked about these wages.

-- low skilled -- that's impossible and his band aids and also in a global economy.

Well that is a good point and you know I'm for closing the loophole I don't think -- make much impact at all it people who think that tax codes are what cause jobs to go overseas.

Are probably also the same people who think baldness is caused by wearing your -- too -- -- it just does not happy.

Talking about people we're talking about the president of the United States when caterpillar released earnings.

I have the press release the first thing I saw that this is a letter this -- a press release not to anyone else in the world but to one person.

What -- she got a -- talked about free markets and free trade he's begging the president please don't go down this road.

But but he doesn't -- tax breaks to do the things he's doing.

Caterpillar an apple.

And Nike are gonna keep moving these very low skill jobs over to -- Chung what people are happy to do for a -- an -- What's important is -- keeping the good jobs the engineers and managers.

The directors they're keeping those jobs and Illinois and Oregon and California where they belong and that's what we should be celebrating.

Now here's the dirty little secret those jobs by the -- we don't have enough people here you can do them.

Yeah that's exactly that I think -- we have sat there and we have a million maybe two million stem job science technology engineering -- going begging going begging even in our universities are more kids from overseas that are gonna get these education these degrees and leave.

So we're stuck with the president the -- and we keep these low paying jobs here at artificially high wages.

And what's the good for other -- the president's also pushing.

These corporations to higher vis the Americans here but imagine just said the Americans are not qualified for the job so it to the push all you want but I think he's actually market the wrong -- what the president should because -- audit.

Educating the people in the workforce right now shall we train the people that -- on the unemployment line for the jobs that are available here in the United States that you -- credit -- go ahead.

Very quiet -- on -- -- is very questionable whether -- work but I dug in business groups all the time they generally say they're number one problem is finding skilled machinists.

Tool and die makers and -- -- -- -- as skilled -- those people -- very very short supply -- -- ago.

We actually had a very skilled auto industry and you see output increasing in this country from aren't auto makers.

Because of the currency translation yeah and the 'cause we have this very skilled rather flexible workforce in this country which the president -- -- talk about what they -- -- -- -- -- What was in -- and by the way to -- -- reference was to the it to the Illinois governor boasts the panel to get back to you on this thing.

You know I've been saying all along -- -- like the president's been playing.

Political chess but economic checkers and were to continue are our economy is just too -- -- that can keep this going.

Well I you know I'm always up pretty positive report today that that growth in the in the last quarter was a pretty close to throw myself a couple I think I thank you guys -- are wishing that we had Clinton's economy back and I understand why else and I'm like yeah I don't recommend it nowadays than that I think that -- recovery is well you're -- eight -- I'm telling you present.

GDP numbers but really again the point is if we're talking about stoking the economy.

And we do it by penalizing successful people successful companies I don't see how the equation that that's event.

I don't -- actually and I didn't make any.

You make it sound like Obama wasn't talking about education in fact he emphasized in the speech.

He ought -- not seriously take a BM does that he'd like to see more American workers get an opportunity to get the -- high in trading that Ben was talking about earlier part of final word to bad.

I I'd love to see a good but it is that it's an -- young Americans don't -- -- lot of notice field.

They -- auto companies have lots of middle aged people who now do those were those what jobs when they retire it's going to be a big big problem.

Is certainly certainly -- guys okay thanks a lot.

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