Business leaders say Obama’s economic policies stifle growth

June 23, 2010 09:06


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.”

By Lori Montgomery Washington Post

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. The president has assiduously courted the nation’s top executives since taking office last year, seeking their counsel on economic policy in the wake of the recession and issuing dozens of invitations to the White House. In return, the Roundtable has generally supported the president’s policies; it was the only major business group to back Obama’s successful push for an overhaul of the health-care system.

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