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The election is over, but the American economy will only be unleashed if we avoid the fiscal cliff, pare our deficit and rise above partisan politics. On this point, nearly every business leader and investor who appears on CNBC has been consistent: The status quo leads to economic stagnation or worse; solutions could release powerful forces that propel the nation out of its post-recessionary funk.
Politics and politicians can solve this crisis but they are now in the way. For a deal to get done, we must rise above partisan bickering. For a deal to get done, they must move the public toward some form of sacrifice. That’s always been the spirit of America.
So far, failure by Congress and the White House to come to terms on various budget and tax plans, like the Simpson-Bowles proposal, has set up a January deadline for a set of tax hikes and budget cuts that most economists agree will push the country back into recession. The threat of such dire consequences was supposed to force Washington to act. But it hasn’t. Instead, it has moved us closer to the brink.
With the American economy held hostage by politicians from both parties, CNBC and CNBC.com are launching a network-wide initiative aimed at calling attention to the fiscal crisis.
CNBC plans to engage business leaders, politicians and viewers through a series of programming efforts designed to increase the understanding of the core issues and to raise the level of dialogue beyond the rhetoric and talking points that have saturated media coverage of this topic.
The network’s campaign is called “RISE ABOVE”, a call to action appealing to everyone to rise above partisan political views in an effort to come to agreement on a plan that tackles both the long and short term challenges to the American economy. We will prod and poke guests —from elected officials to corporate chiefs — to do their part. You will see it in our coverage and our questions – and you may even spot a “Rise Above” button on the lapels of some guests, reporters and hosts.
Request your very own ‘Rise Above’ pin here
For more on the fiscal cliff, go to riseabove.cnbc.com
David Siegel, the owner of Westgate Resorts, sent a surprising email to his employees Monday. It said that if President Barack Obama wins re-election and raises Siegel’s taxes, he will have to lay off workers and downsize his company — or even shut it down.
Millions of jobs were lost in the 2008 global financial crisis, and with growth slowing, the job market is looking shaky once again.
The U.S. shed 8.3 million jobs during the recession and only 43 percent of the lost jobs have been recouped in the last 34 months.
Younger workers in particular are facing the worst job prospects in recent times. The unemployment rate for young workers in the euro zone is over 22 percent; in Greece and Spain it is over 50 percent.
With this in mind, we’ve put together a list of 10 countries with the highest unemployment rates among the world’s 50 largest economies. The ranking is based on 2011 annual average unemployment rates from the International Labour Organization (ILO). The ILO gathered the numbers from national statistics sources.
So, which major economies around the world have the highest jobless rates? Click ahead to find out.
Photo: Mario Proenca | Bloomberg | Getty Images
An underground workforce is growing alongside the official one that has reported disappointing results over the past few months.
In a survey of 1,500 business owners, Elance, a website that matches employers with employees who can work remotely, found that 73 percent planned to hire online contractors in 2012. This comes as the official unemployment rate rose last month by a tenth of a point, to 8.2 percent, and jobless claims rose this week.
Photo: Getty Images
According to a new report from human resources firm Mercer Consulting, the cost of living in North American, Asian and African cities has been rising this past year, despite the global slowdown.The study looked at 214 cities worldwide and used New York City as the benchmark. Mercer’s annual cost of living survey is used by multinational companies to determine compensation for their expatriate employees around the world. The rankings are based on the cost of more than 200 items in each location including housing, transportation, food, clothing and entertainment.So, which cities are the most expensive to live in?
Photo: José Fuste Raga | Getty Images
President Obama’s economic policies do not appear to be resonating with the broader American public, but the effort to label him very liberal or a socialist also appears to have little traction so far, according to the latest CNBC All-America Economic Survey. The poll of 800 Americans throughout the country finds that Americans give the apparent Republican President nominee Mitt Romney the edge on whose polices would be best for the economy by a 39 percent to 33 percent margin, about unchanged from April.
But only third of the public calls President Obama very liberal, down six points from an NBC/Wall Street Journal poll in June 2009. And the 47 percent of Americans who label Obama very or somewhat liberal represents a ten point drop in the period. Compared with Romney, Americans in the CNBC survey by a 44 percent to 34 percent margin are more likely to say the President’s policies are “just right” when it comes to business.
CNBC Special Report: Markets in Turmoil
Tonight 9 pm ET — Markets in Turmoil
A new year low for the Dow. A weak jobs report. Crisis in Europe, what’s next for your money? CNBC’s live global coverage gets you ready for the week ahead, plus first word from the Asian markets, tonight at 9 pm ET on CNBC
Visit CNBC.com for more on tonight’s special report.
Job cuts jumped by 53 percent in May from April in the United States, with Hewlett-Packard’s layoffs propelling the computer industry to the top spot among the biggest job cutters this year, a report by consultancy firm Challenger, Gray & Christmas showed on Thursday.
Employers announced plans to cut 61,887 staff from their payrolls in May, 67 percent more than in the same month of last year. The figure represents the most job cuts since last September. The computer industry dominated job cuts this month, with 27,754 layoffs, of which 27,000 were at Hewlett-Packard.
Photo:Susan Trigg | Getty Images
Findings from a new AP report have worked college students, grads, their parents and, frankly, the entire country into a frenzy. It seems one in two new college grads—1.5 million total, or 53.6 percent of all bachelor’s degree-holders—are either jobless or underemployed.
To that I say… Great! Sounds like the opportunity of a lifetime. The job market might be a bust, but, right now, it’s never been easier, faster or cheaper to start a business. I should know — I did it myself.
These 10 pointers may help get you and your business off the ground:
1. Leave your ego at the door.
2. Remember that boring is better than sexy.
3. Use your age to your advantage.
4. Bootstrap. Ramen is good for you.
5. Think small.
6. Don’t write a phone book-sized business plan.
7. Skip the office.
8. Cut your “worst-case” financial scenario in half.
9. Avoid the wrong partners like the plague.
10. Expect—and embrace—failure.