NYT
JUST as Congress finally passed its sweeping financial reform bill last week, a chorus of high-profile chief executives and business lobbying groups were criticizing President Obama and what they see as a new era of big, stifling government and heavy regulation. Ivan Seidenberg, the chief executive of Verizon, delivered a particularly stinging rebuke: In remarks to the Economic Club of Washington, he blamed President Obama for “an increasingly hostile environment for investment and job creation” and lambasted an administration that is “reaching into every sector of American life” and “making it harder to raise capital and create new businesses.”
After the United States Chamber of Commerce then complained that the administration “vilified industries,” the White House advisers Rahm Emanuel and Valerie Jarrett responded with a letter clearly meant for the business community as a whole. They wrote: “The stakes are far too high for us to be working against one another. That is why we were surprised and disappointed at the rhetoric we have heard from some in the business community — rhetoric that fails to acknowledge the important steps this administration has taken every single day to meet our shared objectives.”
Their letter is more than a defense of a president stung by the anti-business label. Given the latest data indicating weak growth and strikingly high unemployment, the administration is rightly concerned that business negativism is suppressing the confidence necessary for increased investment and job growth.
This poisonous dynamic between Washington and business must be fixed. Both sides should make adjustments, but the business community — of which I am a proud member — especially needs to make efforts to mend this relationship. Yes, the administration has made some mistakes. But, on balance, its actions have supported business.
(More here.)
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