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Strategies for job growth

Posted: August 18, 2011 1:55 a.m.
Updated: August 18, 2011 1:57 a.m.

Investment strategist Brian Belski spoke at a Valley Industry Association event Tuesday.

 

Investment strategist Brian Belski talked about the economic forecast and spoke on issues facing investors at a Valley Industry Association luncheon Tuesday.

“The No. 1 issue in the country is employment,” said Belski, managing director and chief investment strategist for The Investment Strategy Group, a division of Oppenheimer & Co Inc.

Speaking to members at the Valley Industry Association’s monthly luncheon Tuesday, Belski offered two solutions to jump-starting the job market.

“Incentivize companies to hire,” Belski said. “Give companies a tax credit over three to five years to create jobs.”

Now might be a good time for Congress to consider a job tax credit based on the mounting pressure politicians are facing with the federal debt levels, lack of jobs and their desire to be re-elected, he said.

“Secondly, approach large companies and ask them to bring their cash back into the U.S.,” Belski said. “Tell them we’ll give you a tax holiday if you do, or double-tax them if they don’t.”

Belski stressed the only way to get this accomplished is through a partnership between corporations and Congress.

Looking at the U.S. economy as a whole, the demise of the U.S. is widely exaggerated, Belski said.

“Businesses are going to hit peak earnings next year, record levels,” Belski said. “And the U.S. has the top number of patents and the most innovation.”

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