& & & & By David Callaway, MarketWatch & &

& & & & SAN FRANCISCO (MarketWatch) — Did AT&T Corp. really think that its 11th-hour offer to bring 5,000 wireless call-center jobs back to the U.S. if its $39 billion purchase of T-Mobile USA was approved would work? & &

& & & & Probably not, but it was worth a shot. A government so hobbled by the lack of jobs created since the financial crisis might consider anything if it could boost payrolls, even allowing a massive mobile telecom deal envisioned by AT&T Inc. & & & /quotes/zigman/398198/quotes/nls/t T& -3.85%& & & &  and T-Mobile parent Deutsche Telekom AG & & & /quotes/zigman/169382 DTEGY& -7.32%& & & &   & & & /quotes/zigman/252274 DE:DTE& -0.69%& & & & & &

& & & & Alas, the Department of Justice wouldn't be swayed in this case from its concern that the deal would reduce competition and raise consumer prices. But it will have other chances. & &

& & & & The Obama Administration needs to create millions of new jobs in the next 14 months to ensure re-election. Judging from the leaks so far about the president's new plan to create jobs — set to be announced next week — it's not going to be enough. & &

& & & & Corporate America has jobs, or at least the ability to create new ones or bring existing ones back to U.S. shores. But it is concerned about a new recession and has so far been hesitant. These two sides need each other, but neither will budge without a little wink and a nod from the other. So we are set for a year of political and economic extortion on both sides with new U.S. jobs caught in the middle. & &

& & & & A Wall Street Journal story in April reported that the largest U.S. corporations, accounting for a fifth of all American workers, cut 2.9 million U.S. jobs in the 2000s while hiring 2.4 million people overseas, citing data from the U.S. Commerce Department. & See WSJ story on foreign hiring. & & &

& & & & The piece by David Wessel compared the trend to the 1990s, when U.S. multinational companies hired 4.4 million people in the U.S. and 2.7 million to international jobs. A Bloomberg News piece in the Washington Post last week reported how U.S. corporations try to keep those foreign hiring numbers low profile, especially as they ask for tax breaks from the government to hire more people. & &

& & & & Corporate lobbying is nothing new and politicians are used to these types of tactics. Here in San Francisco this week we're being told that consumers will likely have to eat the $2 billion cost — through higher energy rates — of updating miles of natural gas pipelines to prevent the type of explosion of an outdated Pacific Gas & Electric pipeline that claimed 38 lives in suburban San Bruno, Calif. last year. The level of outrage, given that people actually died because of PG&E Corp.'s & & & /quotes/zigman/171662/quotes/nls/pcg PCG& +1.00%& & & &   pipe failure, seems muted, almost as if customers have come to expect that type of remedy.& &

& & & & Politicians, especially in Washington, realize that in many cases they are going to have to play ball with corporations to get the job growth they all need in their constituencies come election time. So if anything, companies maintain the upper hand, even on Wall Street, where jobs are imploding this summer. & &

& & & & Globalization has provided many benefits, but for the next year the benefits of foreign markets and worldwide brand recognition are on the back burner, at least at home. A dangerous bluffing game is escalating with U.S. jobs at stake. But there are opportunities for the corporate CEO who seeks them. & &

& & & & At some point, the economy will start to show more prominent signs of strengthening, and the companies that seize the opportunities now will benefit. The question now — and next week for the President — is whether American job seekers will have to wait until after next November to get a piece of that action. & & &

& David Callaway is editor-in-chief of MarketWatch.&