Mr. Zakaria says he has spoken with a number of business leaders who are supporters of Obama (unbelievably, there still are some) but are concerned about his administration and its complete lack of business acumen. I could have titled this piece “Wanna Know Why You’re Still Unemployed?”
The Federal Reserve recently reported that America’s 500 largest nonfinancial companies have accumulated an astonishing $1.8 trillion of cash on their balance sheets. By any calculation (for example, as a percentage of assets), this is higher than it has been in almost half a century. Yet most corporations are not spending this money on new plants, equipment or workers.
The key to a sustainable recovery and robust economic growth is to get companies investing in America. So why are they reluctant, despite having mounds of cash? I put this question to a series of business leaders, all of whom were expansive on the topic yet did not want to be quoted by name, for fear of offending people in Washington.
One CEO told me, “Almost every agency we deal with has announced some expansion of its authority, which naturally makes me concerned about what’s in store for us for the future.” Another pointed out that between the health-care bill, financial reform and possibly cap-and-trade, his company had lawyers working day and night to figure out the implications of all these new regulations.
Most of the business leaders I spoke to had voted for Barack Obama. They still admire him. But all think he is, at his core, anti-business. When I asked for specifics, they pointed to the fact that Obama has no business executives in his Cabinet, that he rarely consults with CEOs (except for photo ops), that he has almost no private-sector experience, that he’s made clear he thinks government and nonprofit work are superior to the private sector. It all added up to a profound sense of distrust.
Let’s review: But all think he is, at his core, anti-business. …he’s made clear he thinks government and nonprofit work are superior to the private sector.
Well, naturally, since the man has never held a day job, has never run a business, never had to produce anything, never had to meet a payroll from actual income, has no idea what economic activity is, and thinks money comes from donors and government handouts. So it’s no wonder that he thinks what he did for a few years, “government and non-profit work”, are superior to the private sector.
But does he actually not understand that the private sector is where real things come from, from people working in old-fashioned “inferior” private sector jobs making stuff? His actions to date certainly seem to indicate that is the case. And couple that lack of understanding with a pervasive environment of fear, where critics are unwilling to go on record, and you’ve got the recipe for…Venezuela.