September 15, 2011 / 1:48 PM / 7 years ago

Fiscal fix needed for jobs, investment: Blackrock

NEW YORK (Reuters) - The United States needs to use fiscal as well as monetary policy to boost the economy if it wants to convince cash-rich corporations to start hiring and investing, Bob Doll, chief equity strategist of BlackRock Inc said on Thursday at the Bloomberg Markets 50 Summit.

BlackRock’s chief equity strategist Bob Doll delivers a speech at the Soumaya Museum where he gave his forecasts for the U.S. economy to a group of investors and analysts in Mexico City June 16, 2011. REUTERS/Henry Romero

Doll, who helps manage BlackRock’s more than $3.3 trillion in assets, said companies are more likely to raise their dividends or buy back shares than invest and hire because they don’t know what policy to expect from Washington.

“That’s why I think our discussion of Fed policy has to move at some point ... to fiscal policy. It’s got to go there,” Doll said.

The White House recently proposed a $447 billion job creation package, but it remains unclear how much of the plan will make it through a bitterly divided Congress.

Editing by James Dalgleish

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