President Obama is expected to announce a jobs plan next week that is "all going to come to an unsustainable fiscal cost and we're not going to address the real issues," Mort Zuckerman, told CNBC Thursday, although he doesn't know the details of what will be purposed.
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President Barack Obama makes a statement on his birth certificate at the White House in Washington, DC, on April 27, 2011.
"The real unemployment rate, by the way, is around 19 percent," said Zuckerman, the chairman of the board of directors for Boston Properties. "It's a huge problem and a critical problem for the country."
The business community has "no confidence" in the Obama administration, he added.
"There is a sense in the business community, not just for big business but for business all over, that this is an anti-business administration, and that's the way they started out with that attitude."
"That attitude has now sort of been accepted by the business community, so it's a real issue," Zuckerman explained.
But he acknowledged this doesn't mean "everybody is against [Obama]. But there's a general mood where you have confidence affecting business decisions, and particularly for small businesses."
The real substance, Zuckerman explained, will be the programs the administration "can offer, and that in this stage of the game — given the huge deficits that we are already living with — that is going to be a very, very difficult thing to see."
However, the "single most productive thing" for the economy would be for Congress to "eliminate all the so-called tax expenditures and tax earmarks in the tax code and use all of those funds to reduce tax rates and simplify the tax code," he said.
"Consumers would be more willing to spend. Business would be more willing to spend," concluded Zuckerman.
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