Economy needs a lot of encouragement, says former Google CEO
Google chairman and former CEO Eric Schmidt has endorsed President Barack Obama’s jobs bill.
Schmidt supported has given a call for more government stimulus which would prompt companies to hire. He added that the political focus on cutting spending is "ludicrous," reported the Bloomberg.
Obama proposed the $447bn plan this month. The jobs bill aims at helping small businesses grow and young people and veterans find jobs.
"The economy is, today, stuck behind the power curve — it needs a lot of encouragement," Schmidt said in an interview on ABC.
Without Obama’s jobs bill, "we’re set up for years of extraordinarily low growth in the economy and no real solution to the jobless problem," he added.
"Business can create enormous numbers of new jobs in America, all we need to see is more demand," Schmidt said.