Business Roundtable Sentiment

by Laura Ehrenberg-Chesler on June 24, 2010

in Credit Crisis,Earnings,Economic Indicators,Employment,Fiscal Policy

This past Tuesday, June 22, Ivan Seidenberg of Verizon made some forthright comments to the Washington Economic Club.  In addition to being the CEO of Verizon, Mr. Seidenberg also heads one of the most influential business groups in the country:  The Business Roundtable.

The Business Roundtable is comprised of the CEO’s of the nation’s largest corporations.  They pay 60% of corporate taxes, and employ more than 12 million people, and while they have visited the White House often in the past year, their advice on jobs and growth has not translated into policy.

Specifically, Mr. Seidenberg expressed concern about the slow movement to ratify trade agreements with Columbia, Panama, and South Korea, raising  taxes on foreign earnings and the corporate tax structure which is a major impediment to international competitiveness, as well as the uncertainty created by the continued intrusion of the government into the private sector.

“…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.”

Mr. Seidenberg’s comments are worth listening to.  Given the abundance of soft economic data and the tight credit markets, it appears the advice of the Business Roundtable should be heeded.  Hopefully sooner rather than later.

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