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December 9th, 2009
11:31 AM ET

Google CEO on job creation

Who better than the man in charge of Google to come up with some new ideas. Google CEO Eric Schmidt was at the president's job summit last Thursday, and he says the jury is still out on his plan.

Our Kiran Chetry sat down with Schmidt and asked him where the jobs are and how the president should spend the remaining bailout cash.

CNNMoney: Need jobs now – White House

Filed under: Business • Politics
soundoff (17 Responses)
  1. My CEO is doing great

    I was told:

    Take a 5% pay cut or we will need to layoff 20K people. This recession is killing us! Psst, US employees only, their government doesn't care.

    Layoff some people anyway.

    We've cut your health care benefits.

    We've cut your 401K

    From CEO – I will take a 20% pay cut (small print would read – CEO has a base salary which will receive a pay cut, this portion of his compensation represents .5% of his total pay)

    We've cut your health care benefits.

    Cut more severance package....Layoff some people

    Work from home – Yeah! But we aren't paying for anyone's internet or phone bill anymore. Boo!

    We've cut your health care benefits.

    Cut still more severance package....Layoff some people

    Wait a minute, the recession never hit us, here is your 5% back, but in the form of a one time bonus just fo this year. So even though we're doing better than last year we're not giving you back your full salary. Oh yeah, no raises this year either!

    We've cut your health care benefits.

    Cut even more severance package....Layoff some people

    If we promote you, even though we show you should get a higher salary, keep working at your current salary. Also, you now need to do your job plus your boss's job.

    We've cut your health care benefits.

    Now that we've done all of this our stock price will soar! That's when I get paid. Thanks for all the hard work and sacrifice so I can bank! – Sincerely CEO.

    December 14, 2009 at 1:44 pm |
  2. Rob W

    Listen up folks – this problem occured due to the past 20-40 years of lazyness and incompetence in Manufacturing, Energy, Education, Trade Policy, and the sense of entitlement the banking industry has. This isn't going to go away in < the first year of a freshman Presidency. I have 3 jobs, 2 of which are full time. I don't know what the heck is wrong with people. Now shut up, and get back to work.

    December 13, 2009 at 11:48 pm |
  3. Kevin

    lol let's ask the CEO of a product that sells itself with little effort how to create jobs.

    The world needs more googles and less yahoos that'll create jobs.

    December 13, 2009 at 4:59 pm |
  4. Robbie

    The billions of dollars dedicated to the "Stimulus Program" evidently did not create very many jobs.

    December 13, 2009 at 11:12 am |
  5. Wyatt

    There are a number of companies in our country promoting "we support the local farmer," "we buy local," "we support the family business," etc. Yet these same companies are exporting technology and manufacturing jobs to other countries, all for a better bottom line. As an example, two renowned companies in the area export jobs to India and Mexico, and folks at the same time are being laid off in our community.

    Let's get real, while we continue to export jobs to other countries to "support their local economy," ours will continue to suffer. There are way too many intelligent people out of work, or working jobs that do not utilize their potential at significantly reduced wages just to make ends meet. We, as a country, are too caught up in our capitalistic mindset.

    Words like "we support local," are empty and false. They are used on the surface to appear that the big boys are doing their share.

    I have bitter feelings towards these companies who truly have the capacity to help their communities.

    December 13, 2009 at 8:50 am |
  6. Art

    In the last year millions of jobs have been lost. It's not about the climate change, It's about profit. It's not about technology or global warming, it's about profits. Until we have a attitude adjustment in this country where as people come first, there won't be any decent work for anyone. The "American life style" as we know it will be lost. You should have asked Mr. Schmidt how many of his employee's work overseas.

    December 13, 2009 at 8:35 am |
  7. whybs


    For Google, "a rising tide lifts all boats" applies! Google's culture existed before Eric's arrival! Luckily he didn't screw it up!

    And since his arrival, what new product(s) that he brought to market that generated more revenues than adsense/adword? How long has he been there?

    December 12, 2009 at 9:53 pm |
  8. whybs


    Could you name "one" company that Eric [Schmidt] ran/founded that you would consider to be a "big" success [before Google]? How is it compared to Steve's Apple or Pixar?

    December 12, 2009 at 9:42 pm |
  9. whybs


    Could you name "one" company that Eric [Schmidt] ran/founded that you would consider to be a "big" success? How is it compared to Steve's Apple or Pixar? 🙁

    And Google doesn't outsource? 🙁 e.g. )!

    Eric is a nice guy but talk is cheap! 🙁

    December 12, 2009 at 9:40 pm |
  10. C.

    Listen to this man Obama, he is the one that can help find solutions, he is one of the few left int he USA who can... just look at the break up of GM and see where those companies went,

    you need to follow a google model and use japanese management skills...

    December 11, 2009 at 11:46 pm |
  11. Stuart

    Steve Jobs is too busy making money for Apple to worry about the rest of you. It has always been about Steve Jobs.

    December 11, 2009 at 6:18 pm |
  12. Michael


    If you prefer style over substance, you would go with Steve Jobs.

    December 11, 2009 at 3:49 pm |
  13. C

    How about a compensation reduction for companies who have laid-off at least 500 employee or more in 2009, who have 100 or more resources located in India or South America peforming US based work, or have hired contractors to replace laid-off employees? This reduction would be applied to everyone within the corporation who has a VP or above job title, is a member of the Board of Directors, or a lobbyist paid by the corporation. The reduction would be lifted when the US unemployment rate falls below 6.5%.

    Another idea would be tax companies when the total compensation of these executives exceeds a certain amount, the number of offshored jobs are above a certain limit, and/or the contractors services are required for more than 6 months.

    December 11, 2009 at 2:20 pm |
  14. Ron

    There needs to be a multi-pronged approach to job creation.

    Immediate job creation and short-term growth needs to start with incentives for corporations and small business to hire people. This also needs to be followed with detriments for out sourcing any jobs (increased taxes, penalties, etc.). This will get the job market running.

    A comment on outsourcing ...

    I do not trust anyone whose company is in the business of outsourcing jobs to correct their bottom line so they can get their bonus. This does not reflect real company innovation. We as consumers (and Americans) should completely boycott any company (and their subsidiaries) that outsources any job out of America. Until and unless we stand up against this practice, companies will continue to do it.

    For the long term, a really big change needs to be made to our education system. The drop out rate is unaccceptable. This is everyone's responsibility, not just the teachers. Administrators should be accountable for each and every child that does not achieve goals. If they cannot do the job, they need to be voted out and people put in who can get it done. Emphasis needs to be made on science and math from an early age. This country needs engineers and scientists to drive innovation and retake the lead in the global economy.

    We also need regulations and laws to protect the public. We also need these laws enforced (and funded so they can be enforced). We can no longer afford to believe business will do what is right and best for the public, nor can we trust "market forces" to keep things going smoothly.

    December 11, 2009 at 1:08 pm |
  15. Nash Nari

    Steve Jobs for creating jobs in the US? Kidding, right? Apple CEO might be the best fit for outsourcing and creating jobs in Taiwan, but not int he USA.

    Hands down, Google CEO has better understanding of the job needs of this country and its future technological needs, than the wierd Steve Jobs.

    December 10, 2009 at 10:16 am |
  16. Dianne

    Everyone want to blame President Obama for lack of jobs. First, the President had to avoid a recession. This does not happen overnight. America expected jobs in less than a year with the American media promoting this impossible idea. Where is the media in investigating those companies and multimillion dollar CEO's who have outsourced American jobs. If Americans knew who these companies were, Americans could rally and boycott them. Outsourcing jobs is done by American business to Americans.

    December 10, 2009 at 7:55 am |
  17. whybs


    "Who better than... [Eric]?" It depends on your preference – substance vs. style!

    Hands down, Steve Jobs would have been a much better choice!

    December 9, 2009 at 5:17 pm |