Caterpillar Boss Contradicts Obama on Jobs
Even more layoffs will be needed before stimulus works: CEO
By Rob Quinn,  Newser Staff
Posted Feb 13, 2009 1:53 AM CST

(Newser) – Caterpillar's CEO said the stimulus package would let the company start rehiring laid-off workers, according to President Obama—but he was swiftly contradicted by the boss himself, ABC News reports. CEO James Owens said that even with the stimulus package, the massive scale of the downturn would require the firm to lay off even more workers before it can start to hire again.

"Even if this stimulus package passes, not only here but around the world, it still takes a little time to bid the contracts and get the dirt work started," said Owens, whose firm recently announced 20,000 layoffs. It would be more realistic to expect the stimulus package to start paying off by the end of this year or early 2010, he added.