Business leaders turning on Obama, Democrats 

The Washington Post reports this morning that some CEOs influential with the Obama administration are finally getting fed up with Democrats’ handling of the economy:

The chairman of the Business Roundtable, an association of top corporate executives that has been President Obama’s closest ally in the business community, accused the president and Democratic lawmakers Tuesday of creating an “increasingly hostile environment for investment and job creation.”

Ivan G. Seidenberg, chief executive of Verizon Communications, said that Democrats in Washington are pursuing tax increases, policy changes and regulatory actions that together threaten to dampen economic growth and “harm our ability . . . to grow private-sector jobs in the U.S.”

“In our judgment, we have reached a point where the negative effects of these policies are simply too significant to ignore,” Seidenberg said in a lunchtime speech to the Economic Club of Washington. “By reaching into virtually every sector of economic life, government is injecting uncertainty into the marketplace and making it harder to raise capital and create new businesses.”

Seidenberg’s remarks reflect corporate America’s growing discontent with Obama.

It’s probably wise to remain skeptical that big business has altruistic motives when trying to influence economic policy. But if you take Seidenberg at his word, how did he not see this coming? Democrats all but promised to reach into “virtually every sector of economic life.”  If you observed Obama’s campaign closely, economic intrusion was supposed to be a feature, not a bug.

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Mark Hemingway

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