While President Obama insists only a “balanced” approach to the debt crisis that includes higher taxes is acceptable, the founder of one of America’s most successful retail businesses claims the president doesn’t have a clue about the economy. Home Depot founder Bernie Marcus told Investors Business Daily in an interview yesterday the president hasn’t the faintest idea of how jobs are created, but businessmen are intimidated into silence about the administration’s faulty policies. According to Marcus:
They are frightened to death — frightened that they will have the IRS or SEC on them. In my 50 years in business, I have never seen executives of major companies who were more intimidated by an administration.
While Marcus agrees resolving the current impasse on the debt is crucial, he dismisses Obama’s arguments that any solution must include higher taxes. According to Marcus, “Even brain-dead economists understand that when you raise taxes, you cost jobs.”
As for the administration’s record on job creation, Marcus sees this president as merely worsening an already terrible problem: onerous government regulations. He claims were he starting out today, Home Depot would not have succeeded primarily because of “stifling” regulations that are an impediment to small businesses. Though he acknowledges Obama has talked of reducing regulation, Marcus points out Obamacare gives the lie to this claim.
His speeches are wonderful. His output is absolutely, incredibly bad. As he speaks about cutting out regulations, they are now producing thousands of pages of new ones. With just Obamacare by itself, you have a 2,000 page bill that’s probably going end up being 150,000 pages of regulations.
Marcus is attempting to fight back with a group called Job Creators Alliance that is dedicated to standing up for business and promoting the spirit of free enterprise. He is frustrated by the silence of many in the business community who don’t have the courage to challenge Obama but says, “The free enterprise system made this country what it is today, and we’ve got to keep it alive. We are on the edge of the abyss.”
While Obama thinks he can ram through his agenda with demagoguery about the rich, Marcus is right. The massive expansion of entitlements and regulation promoted by this administration are destroying businesses, a situation that will be made worse by the higher taxes that will be the inevitable result of a debt compromise crafted to the president’s taste.