Wednesday, August 25, 2010

Intel CEO: Obama's Destroying American Business

Yesterday, Intel CEO Paul Otellini ripped the anti-business policies of the Obama Administration. at the Aspen Forum

Here are some key quotes (ViaBusinessInsider) reported by CNET's Declan McCullagh:

*"Unless government policies are altered... 'the next big thing will not be invented here. Jobs will not be created here.'

*"The U.S. legal environment has become so hostile to business...that there is likely to be "an inevitable erosion and shift of wealth, much like we're seeing today in Europe--this is the bitter truth.'"

*"Not long ago...'our research centers were without peer. No country was more attractive for start-up capital... We seemed a generation ahead of the rest of the world in information technology. That simply is no longer the case.'"

*"Otellini singled out the political state of affairs in Democrat-dominated Washington, saying: 'I think this group does not understand what it takes to create jobs. And I think they're flummoxed by their experiment in Keynesian economics not working.' "

*"If our tax rate approached that of the rest of the world, corporations would have an incentive to invest here," Otellini said. But instead, it's the second highest in the industrialized world, making the United States a less attractive place to invest--and create jobs--than places in Europe and Asia that are "clamoring" for Intel's business."

Read McCullagh's full report here.

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