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Business Leaders: Liberal Economic Policies Are Preventing Recovery

Posted By Lachlan Markay On July 21, 2011 @ 12:00 pm In Scribe | Comments Disabled

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News on Thursday that there were more new jobless claims last week [2] than initially expected gives new weight to the words of a pair of business leaders who recently singled out President Obama and his big-government approach to economic policy as key impediments to economic recovery.

Stephen Wynn, CEO of the Las Vegas-based casino company Wynn Resorts, lit into Obama’s policies during a company conference call [3] on Monday. The Obama administration has been “the greatest wet blanket to business and progress and job creation in my lifetime,” Wynn insisted, due to its class warrior approach to economic policy.

I believe in Las Vegas. I think its best days are ahead of it. But I’m afraid to do anything in the current political environment in the United States. You watch television and see what’s going on on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing’s going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating.

And I’m saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

You bet and until we change the tempo and the conversation from Washington, it’s not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don’t want to say that. They’ll say, God, don’t be attacking Obama. Well, this is Obama’s deal and it’s Obama that’s responsible for this fear in America.

The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don’t invest, their holding too much money. We haven’t heard that kind of talk except from pure socialists. Everybody’s afraid of the government and there’s no need soft peddling it, it’s the truth. It is the truth. And that’s true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I’m telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he’s gone, everybody’s going to be sitting on their thumbs.

Meanwhile, Bernie Marcus, co-founder of home improvement and hardware giant Home Depot, attributed the country’s seeming inability to regain its economic footing to misguided government policy. Asked by Investors Business Daily [4], “What’s the single biggest impediment to job growth today?” Marcus replied, “The U.S. government.”

Home Depot would never have succeeded if we’d tried to start it today. Every day you see rules and regulations from a group of Washington bureaucrats who know nothing about running a business. And I mean every day. It’s become stifling.

If you’re a small businessman, the only way to deal with it is to work harder, put in more hours, and let people go. When you consider that something like 70% of the American people work for small businesses, you are talking about a big economic impact.

Asked about President Obama specifically, Marcus had this to say:

His speeches are wonderful. His output is absolutely, incredibly bad. As he speaks about cutting out regulations, they are now producing thousands of pages of new ones. With just Obamacare by itself, you have a 2,000-page bill that’s probably going end up being 150,000 pages of regulations.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2011/07/21/business-leaders-liberal-economic-policies-are-preventing-recovery/

URLs in this post:

[1] Image: http://blog.heritage.org/wp-content/uploads/wynn.jpg

[2] more new jobless claims last week: http://www.reuters.com/article/2011/07/21/us-usa-economy-idUSTRE7662I420110721

[3] company conference call: http://seekingalpha.com/article/279999-wynn-resorts-ceo-discusses-q2-2011-results-earnings-call-transcript?part=qanda

[4] Investors Business Daily: http://www.investors.com/NewsAndAnalysis/Article.aspx?id=578920&p=1

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