Home Depot co-founder Bernie Marcus, talking to Investors Business Daily about the dismal state of the economy, was asked by the interviewer what advice he would give Obama about job creation. His response:
I’m not sure Obama would understand anything that I’d say, because he’s never really worked a day outside the political or legal area. He doesn’t know how to make a payroll, he doesn’t understand the problems businesses face. I would try to explain that the plight of the businessman is very reactive to Washington. As Washington piles on regulations and mandates, the impact is tremendous. I don’t think he’s a bad guy. I just think he has no knowledge of this.
When asked “why don’t more businesses speak out,” Marcus responded:
They are frightened to death — frightened that they will have the IRS or SEC on them. In my 50 years in business, I have never seen executives of major companies who were more intimidated by an administration.
The above two statements do not, IMO, go very well together. A president who establishes a climate of intimidation directed against American citizens is certainly not a good guy.
Marcus is clearly right about the effect of this administration’s policies and attitudes on job creation and economic growth. If you are in a manufacturing business that is energy-intensive, are you going to want to invest in new U.S. facilities with a president who has asserted that when his plans are implemented, electricity prices will “necessarily skyrocket?” If your business is one of the broad array of those which use industrial boilers, are you going to feel comfortable expanding given the EPA’s proposed extremist regulations on this kind of equipment? Whatever kind of business you are in, how sure can you be that your industry will not soon be added to the long list of industries attacked and demonized by Obama? Unless you have strong political connections with the Administration, how sure can you be that the U.S. government will not establish policies giving preferential treatment to a competitor who does have such connections? And if you’re an individual thinking of investing your savings in a business making toys, science kits, or children’s apparel..do you really want to take this risk given what the “Consumer Product Safety Improvement Act” has done to many such businesses?
The really frightening thing is that the problem is not just Obama, although he has obviously made it much, much worse. Obama is only the point man for the large, well-funded, and influential “progressive” movement which now dominates the Democratic Party, along with much of academia and the tax-exempt “nonprofit” world, and the economy will grievously underperform until the power of this movement is broken.