As some of you know yesterday Obama said Caterpillar would start hiring again, if the stimulus is passed.
Not so fast we actually will lay more off regardless
D'oh! Caterpillar CEO Contradicts President on Whether Stimulus Will Allow Him to Re-Hire Laid Off Workers
February 12, 2009 6:16 PM
EAST PEORIA, ILL. -- President Obama today repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., "said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off."
Caterpillar announced 22,000 layoffs last month.
But after the president left the event, Owens said the exact opposite
Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, "I think realistically no. The truth is we're going to have more layoffs before we start hiring again"
"It is going to take some time before that stimulus bill" means re-hiring, he said.
Owens supports the stimulus plan, but said it would take some time to have an impact on his industry and "is a little light on the heavy construction."