On Thursday President Obama called on corporate America to help tackle the unemployment problem.
"We cannot hang back and hope for the best when we've seen the kinds of job losses that we've seen over the last year," Obama told business and labor leaders invited to the White House.
"Despite the progress we've made, many businesses are still skittish about hiring," he said, acknowledging that although growth has resumed, the labor market is lagging behind.
Princeton economist Alan Blinder attended the summit and tells Fast Money the jobs picture is grim and it appears the President is committed to doing more.
"A lot has already been done but it’s below the surface. I feel now the administration needs to do something above the surface."
He also tells us that companies have pared their payrolls so much that if demand picks up "they’re going to find the need to add human beings."
"The jobs should follow the output, he says. The question is – what’s the lag?
To see our entire interview with Alan Blinder please watch the video.
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Trader disclosure: On December 3rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AAPL) Call Spread; Najarian Owns ((BAC) Call Spread; Najarian Owns (INTC) & Short (INTC) Calls; Najarian Owns (DELL) Calls; Najarian Owns (TJX); Najarian Owns (TXN); Najarian Owns (FCX) Call Spread; Najarian Owns (INTC) & (INTC) Calls; Najarian Owns (UAUA) Call Spread
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