Obama and the CEOs of major global corporations meet to discuss plans that would spur job creation in the US economy.
Barack Obama held a meeting today with CEOs of major corporations. The foremost topic on the agenda was job creation by ending the 40 hour work week and increasing it to 48 hours. CEOs hailed the measure as a genuine attempt by the administration to seek a more harmonious relationship with the business community.
Obama demanded that overtime pay be required for hours worked beyond the 48 hour limit. However, in a compromise worked out with CEOs, Obama agreed that overtime pay should be optional. He also agreed that work hours should not be limited to 48 if more were required by corporations to meet the challenges in a global economy. When the question of overtime pay was raised Obama agreed again that it should be optional.
CEOs stated that future wages for labor should be determined only after senior executives divvied up profits among themselves. They also advocated the elimination of the minimum wage since it represented government interference in the business community. Obama opposed the immediate elimination of the minimum wage stating that it should be reduced slowly over a period of five years. In an effort to reach an agreement however Obama acceded to the CEOs demand that the minimum wage be eliminated on Monday.
Obama also agreed that the age limit for work be reduced to 10 years of age. The president demanded however that children be paid at least two dollars an hour. When CEOs objected saying the idea amounted to government interference in the operation of their businesses another compromise was worked out in which Obama agreed that wages for children should be optional.
The president brought up the subject of giving kids an ice cream cone after a twelve hour workday. The CEOs rejected the idea complaining that they were being forced to submit to government regulation. They promised however to reconsider the suggestion again in a year or two.
The meeting was adjourned with both sides agreeing to a prepared statement that the new work rules would make America competitive with Asian nations and induce corporate investment in the US economy. Obama hailed the outcome of the meeting as the greatest job creating venture since slavery.