Obama and his policies: Making the recession worse

Here is more proof that President Obama has made the recession worse and is preventing a recovery.

Fareed Zakaria writes in the Washington Post:

But government spending can only be a bridge to private-sector investment. 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.

Economic uncertainty was the primary cause of their caution. "We've just been through a tsunami and that produces caution," one told me. But in addition to economics, they kept talking about politics, about the uncertainty surrounding regulations and taxes. Some have even begun to speak out publicly. Jeffrey Immelt, chief executive of General Electric, complained Friday that government was not in sync with entrepreneurs. The Business Roundtable, which had supported the Obama administration, has begun to complain about the myriad laws and regulations being cooked up 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. Lobbyists have been delighted by all this activity. "[Obama] exaggerates our power, but he increases demand for our services," superlobbyist Tony Podesta told the New York Times.

Most of the business leaders I spoke to had voted for Barack Obama. They still admire him. Those who had met him thought he was unusually smart. 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.

If Obama really wants to end the recession and get companies hiring again--he needs to announce that if Congress passes cap and trade, union card check legislation, and another "stimulus," he'll veto those bills. As I've written before, Obama was hired to repair the economy, not transform America.

Is Obama an idealogue or a realist?

As for those CEOs cited in the Washington Post who voted for Obama, they now realize that elections have consquequences. If John McCain had won in 2008, he might have done nothing to combat the recession. And we may have been enjoying our recovery now.

Technorati tags: politics Barack Obama Obama economy politics news business card check cap and trade unemployment jobs