McDonald's Chief Executive Officer Jim Skinner
Want to get the economy growing again? McDonald’s CEO Jim Skinner says that Washington needs to cut taxes and get spending under control in order to make that happen. The Telegraph reports:
“The question is, how can we get the ox out of the ditch?” Mr. Skinner said. “In order to create jobs in America, you’re going to have to cut taxes… particularly in the business community.
“We pay some of the highest [corporate] taxes around the world. There needs to be some levelling.”
Asked about federal borrowing, he said: “It’s not a good story… the government has to spend less. We have to grow the economy, grow GDP… and you have to be able to do it in an organic way and not through borrowings and increasing debt.”
McDonald’s army of blue-collar customers need more clarity on core issues, such as healthcare, he said. “Until all of that is all defined and certain… we’re going to continue to have a fragile environment for consumer confidence.”
Skinner isn’t the only corporate executive to offer Washington–and President Obama–some advice on job creation.
In July, Steve Wynn, CEO of the Las Vegas-based casino company Wynn Resorts, said that the Obama Administration is ”the greatest wet blanket to business and progress and job creation in my lifetime,” due to its class warrior approach to economic policy. Specifically, Wynn pointed to new regulations, increasing healthcare costs, and rhetoric calling for a redistribution of wealth–all of which, he says, “makes you slow down and not invest your money.”
Likewise, Bernie Marcus, co-founder of Home Depot, said the U.S. government is the single biggest impediment to job growth in America today. He pointed to “rules and regulations from a group of Washington bureaucrats who know nothing about running a business.”
And in a new biography of Apple founder Steve Jobs, released after his death, it is reported that he met with President Obama and warned him that his anti-business attitude and enthusiasm for federal regulations could jeopardize his re-election campaign, as Heritage’s Lachlan Markay writes. Jobs reportedly told the President that “regulations and unnecessary costs” make it difficult for companies to locate in the United States.
Mr. Skinner sums up what all of us have been yelling for the past 3 years.. When the private sector is disadvantaged by government policies, taxes, and the media how do you expect the wealth and job creators to react. When government eventually bankrupts the private sector we all will find ourselves without a job and no way to support our bloated government public union jobs and pensions. The sad thing is liberal progressives don't understand " Real Life" Economics 101, therefore will probably not listen to Mr. Skinners suggestions.
Interesting to note that Mr. Buffett, whose companies employ over 260,000 people, seems to think the opposite. And his company has had a greater return on it's stock price than either McDonalds, Wynn Resorts, or Home Depot.
Mr. Buffets company share price is 116,206.00 currently compared to 95.26 for McDonalds, 37.59 for Home Depot, and 129.79 for Wynn Resorts. Consider the group of investors that have the funds to support paying the premium on Berkshire Hathaway stock (Hedge Funds, and Institutional Investors) v.s the individual investor who can afford the McDonalds and Home Depot's stock price. It's like comparing Apples to Oranges. Buffett is not in the same situation as Mr. Wynn or Mr. Marcus financially.
Buffet obviously has or takes advantage of loopholes government approves these guys don't. Interesting also to note the few of those of the 1% in support of the 1% paying higher taxes are all big supporters of the presidents fundamental transitional "change" of America from freedom to socialism, fascism, communism and dictatorship. Look at Michael Moore, chanting with the ows begging the government to legislate his money go to the government when he can't think with his own mind to help with his own money on his own time with his own freedom instead of demanding government involvement be forced on all America. Oprah is the same way. My family would rather earn their way without a force to deal with government to sustain our livelihoods.
Government (democrats) would rather take from 1% to create "minimum wage" government make-work jobs (to call it good) which defeats America's purpose and eliminates opportunities to freely gain wealth through self worth (Oprah) or however Michael Moore did it without holding the hand of government?
Democrats have to deregulate their excessive regulations of various hypocritical, discriminating types, mandates and taxing and make this country business friendly so people will want to do business, which hires people, which grows the economy, which reduces unemployment!
Buffet's income is through capital gains. Something that most middle class people were counting on through retirement plans that have since been scuttled by the regime. This is why these wealthy individuals can say raise taxes on them. They payed the income tax on the original money they earned. Then they invested and grew the money they earned years ago large enough switch to earnings through capital gains. Before you begin to think it a good idea to tax capital gains further you must think about how exactly it may effect your ability to build your own retirement. The only lasting solution is a major downsizing of governments foot print to reduce the amount of taxes needed to carry out the minimum requirements of govt. as stated within the constitution.
thank you, Tim. it's so unethically, immorally sad that our responsibility to build a retirement has been compromised with penalty over the last 8 years due to unexpected government abuse adding: costs, acts and overreach our once livable income sustained without. Even the promise of government to reduce medical costs for many years, now we know everyone's a partner, except the one in need of the medicine. Government beyond the American constitution is proven to be off balance, dangerous and life threatening. And what is the most bothersome, they're taking our money by theft, to do it!
Exempt Mc D's from ALL corporate taxes in return for corporate officer/employee compensation regulation that limits maximum total compensation to no more than 20 times the lowest paid worker in any give state or country. A rising tide rases all boats.
Mike: Socialism at it's worst!
So, I risk MY money in starting a company and YOU are going to limit MY income – how nice. Why don't YOU try doing the same? Oh, that's right, your kind already tried that with an ice cream maker who could not find a CEO to take over the company.
For Gods' sake, grow up!
gosh, Mike. the problem is the government! why involve them in earned money of the private sector when the private sector pays there bills with their money earned, no money from tax payers and government's bias handouts to keep them on their feet and where people have a choice to work there and climb the ladder through self worth like those now? You're focus should be on what's not in your control and that is the government waging themselves with our money and why it's up to them to help themselves without boundaries or limitation or even benefit to us, with our money? You can control Mc D's by choosing not to do business with them. The government is force and beyond our control within their own doing whatever they want with our money we spent towards our livelihoods, no longer able!
Interesting that McDonalds — after years of doing so — no longer "directly" gets cash/USDA help in selling its Big Macs overseas. But it still benefits from — Oh My! — a government program (USDA-Inspected Beef) that helps it market its products, qui?
that's not a benefit, it's a regulation.
Tax cuts for the rich will not create more employment. The rich people can only use so many butlers, maids, cooks, gardeners, chauffers and shoe shine boys. And not everyone wants those kind of jobs or employment. Tax cuts for the rich will just enable more money hoarding. Corporations and rich people are just sitting on billions of dollars right now.