Execs Say Washington is Going Too Far

A couple of interesting observations from Ivan Seidenberg, CEO of Verizon Communications and chairman of the Business Roundtable. This group of top executives has been strongly courted by the Obama administration and included in various policy discussions.

Seidenberg, speaking at the Economic Club of Washington earlier this week, however, had the following quotes:

  • He accused the president and Democratic lawmakers of creating an "increasingly hostile environment for investment and job creation."
  • He added 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. 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."

And it’s not just Seidenberg. The Washington Post reported that: Seidenberg first expressed his concerns about the direction of Democratic economic policy in a meeting last month with White House budget director Peter Orszag. When Orszag asked for specifics, Seidenberg polled the members of the Business Roundtable and a sister organization, the Business Council. The result was a 54-page document, delivered to Orszag on Monday, chock full of bullet points about actions taken or considered by a wide array of executive agencies, including the White House Middle Class Task Force and the Food and Drug Administration.

"We believe the cumulative effect of these proposals will help defeat the objectives we all share — reducing unemployment, improving the competitiveness of U.S. companies and creating an environment that fosters long-term economic growth," Seidenberg wrote in a cover letter for the document, titled "Policy Burdens Inhibiting Economic Growth."

2 thoughts on “Execs Say Washington is Going Too Far

  1. Thank you Mr. Seidenberg and the Business Roundtable. There are very few powerful people in the administration that have any significant experience in the private sector. I honestly hope that they simply don’t understand how free enterprise works and not that they are intentionally trying to destroy it.

  2. Steve, you’ve hit on the $64,000 dollar question. I think most believe it is the former reason, but the ongoing assault and uncertainy has many wondering.

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