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A Further Perspective
Why Business Supports Romney
And it’s doing so unequivocably.
The headline in the Hill said it all: “Romney’s $106M Haul Stuns Dems.” The fact is that Governor Romney is attracting a breadth and depth of supporters who are willing to dig deep into their personal pockets to support his candidacy. Why?
I believe this is because President Obama has been the biggest job-killing, anti-business President in my lifetime. Not long ago, I easily counted 50 ways he has hurt jobs in America.
I don’t think this is just my view. Recently, I was contacted by an editor of a major trade publication who asked me to write a pro-Romney piece she hoped would be countered by another business leader writing a pro-Obama piece. Later, she confessed that the effort collapsed because she could not identify one CEO who was willing to speak out on behalf of Obama.
Another public epiphany occurred in late June when I was interviewing Randy Fry, the CEO of Fry’s Electronics, a strong, regional 36-store technology chain based on the West Coast. When I asked Fry about his expansion plan to develop new stores, he said it would depend on the November election. He said that if Obama was reelected, the economy would continue to stagnate and he would not expand. But if Romney was elected, he would hope to open more stores and in turn, create more jobs.
Four years ago, as the Wall Street Journal reported, members of my trade association supported the election of President Obama. Today, our industry, and I suspect many other industries, overwhelmingly support Governor Romney. So what has happened in the past four years?
Despite absurd claims that he has reduced federal spending since his first year record pace, Obama has greatly increased the size of government. His story has changed drastically from 2008, when he initially called the deficit left from President Bush “unpatriotic.” But in the past four years, he has increased that deficit by $5 trillion. Channeling funds into the public sector does not add value to the economy nor does it create anything other than government jobs.
Next, Obama has suffocated businesses further by increasing red tape. A report released on March 13 by the Heritage Foundation details how 106 Obama administration rules have added $46 billion per year in new costs for Americans – exceeding the Bush-era comparable time period by four times the number of rules at more than five times the cost. More, hundreds of new rules are being actively considered. Every one of these is a huge cost on business and a jobs killer.
Lastly, Obamacare will hurt businesses by imposing rules that affect the way businesses hire. With another poor jobs report in June, businesses have already said that they would try to hire less or only hire part-time employees to defer the costs of Obamacare. Romney getting $2 million immediately following the Supreme Court’s decision upholding the law underscores businesses’ dismay at Obamacare.
Business leaders around the country are feeling the effects of these policies. Most business owners I talk to are concerned that the re-election of President Obama will adversely affect the economy for the next four years. They worry about uncertainty more than they worry about higher taxes. They express concerns about the wave of choking regulatory rules they deal with now. And they are simply overwhelmed by the President’s anti-business rhetoric as well as how he divides America along class lines.
Fundraising is simply a proxy for the depth of concern. More, other Americans who understand that businesses, not government, create jobs are also likely the ones who are strongly supporting Governor Romney, both financially and soon at the polls.
If the November election is about the economy and jobs, rather than about personal attacks on Mitt Romney’s success and wealth, then the American people will elect a president who will create an envronment for economic improvement and job creation.
About the Author
Gary Shapiro is president and CEO of the Consumer Electronics Association (CEA), the U.S. trade association representing more than 2,000 consumer electronics companies, and author of the New York Times best-selling books, Ninja Innovation: The Ten Killer Strategies of the World’s Most Successful Businesses and The Comeback: How Innovation Will Restore the American Dream. His views are his own. Connect with him on Twitter: @GaryShapiro.
Letter to the Editor View all comments (17) | Leave a comment
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DTOM| 7.20.12 @ 7:21AM
This is 1980 all over again. Carter gave business the willies and businessmen headed for the hills. Same thing has happened today. And your anecdotal evidence about Fry should easily be backed up with statistics. In your next column...
Here's another of the 100 billion things that completely eludes Obama's ever-so-sharp brain: All, all, every single stinkin' dime of tax revenues come out of profits - directly or indirectly. Any operation that does not show a profit quickly goes away. When revenues do not cover costs, the owners quit writing checks and everybody stays home. No more tax revenue from that operation AND its employees are now at home and not paying income taxes. They are at the unemployment office or the disability office.
Barry the only reason anybody builds a business is so they can make the PROFITS. Obama has done two very counterproductive things: He is raising taxes in a thousand different ways AND he is raising costs with his EPA, his attacks on inexpensive energy. Unavoidable, inevitable, surprizing-as-night-following-day result: Higher costs, higher taxes, less profit - lot more business people saying, I'm not doing all this work for nothing. To hell with it.
I don't blame them. But I say to hell with Obama and his socialistic Democrat baboon friends, as have a lot of business people.
DTOM| 7.20.12 @ 7:21AM
...And another thing - if Obama were a quarter smart as he pretends to be - he'd mimic Reagan's tax cutting and regulation ending policies and drown in all the tax revenue that would swamp Washington. His re-election would not even be a concern. He could quit the fundraising and go back to playing golf...sorta like Ike. Hmmm. No way, he's not smart enough to follow that - besides it's too late for him. Thank God.
Ya know though, Mitt does get all that...Hmmm.
TLP| 7.20.12 @ 1:46PM
"If I were to go to work for a Corporation?
It would be like Working for the Enemy."
Barry Soetoro.
Maxwell| 7.20.12 @ 7:52AM
Let me ask a question or two, just how many of the bills that were passed by congress will be repealed if Mitt is elected? Will Barry Care get repealed? How about Dodd-Frank? Will the EPA & IRS get scaled back?
I know many people here do not share the love of guns that I have but will the BATF (some people say it should be a candy store) be scaled back and cleaned up too?
TLP| 7.20.12 @ 1:49PM
Everything implemented through Executive Order, can be Eliminated by Executive Order.
Everything else can be DEFUNDED by the House.
JimH| 7.20.12 @ 8:18AM
I would disagree a bit with this assertion. Small and middle size businesses, the type in the local C of C recognize the danger of BO. Large corporations, such as GE and Golden Sacks are still behind him. They recognize that all the regulations imposed by this administration, while having a cost affect them far less in proportion to their smaller competition. That plus the fact that because of their size and contributions they have the access, pull and connections to get things tailored to their liking. No doubt though, that there is some degree of bet hedging occurring.
capatolistmom| 7.20.12 @ 3:27PM
There is a reason "Golden" Sacks is a hedge fund manager. They play both ends so no matter who wins - they have access. Same with GE, I'll be Emelt has donated to both sides of the isle!!
Kwan| 7.20.12 @ 9:34AM
Obama and the Dumb-o-crats believe they can run the economy and the country based on the scrawlings of the mental misfit Saul Alinsky. After 3+ years of failure it's obvious that Comrade Alinsky's ideas are as bankrupt as Solyndra.
TLP| 7.20.12 @ 11:34AM
Believe it or not? Most of these guys Love this Country. They're Born and Raised here, unlike the Muslim Boy RAISED in Indonesia, where he was Adopted by his Muslim Indonesian Father. (Is there a Citizenship Expert out there?)
They were brought up during Hard Times, and they either watched their Parents work their lives away, trying to Build a Business, IN SPITE of the "Benevolence" of the Government Crooks of their day. Or they did it THEMSELVES.
They've served in their Country's Armed Forces, and have their Families here.
And, like anyone who loves their Home. They wanna STAY HERE. But, as the old saying goes: I know when I'm not wanted.
Unless they're 'In His Pocket' and are willing to Play Ball HIS WAY? Obama doesn't want them, here.
If he can't Totally Control them? Then they're an impediment to his Dreams from his Marxist Father, and he wants them to Leave.
If they wanna remain living here, and keeping their Businesses up and running, and employing their fellow Americans?
Ccksckr's gotta go.
Period.
capatolistmom| 7.20.12 @ 3:32PM
Allways love your posts!!! When is congress going to look into the federal document farce (Obama's BC)? When all of this comes out after he is out of office - will everything he has done and everyone he has appointed be null and void?
Buck Ofama| 7.23.12 @ 3:06PM
Correction: c0cksucker's gotta go.
Say it loud and proud.
From "England Alone", in book about WWII:
"Spry little Leopold Amery, a staunch conservative, told the government, in Cromwell's famous words: "You have sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go!"
Moe Blotz| 7.20.12 @ 3:05PM
Mr. Shapiro, I agree unequivocally with your premise, but must disagree with your article's sub title.
capatolistmom| 7.20.12 @ 3:21PM
Mr. Shaprio, GREAT ARTICLE!! I have been asking for almost a year now - Where are the business leaders surrounding Obama and supporting his policies? With the exception of Google and GE, there are none!!! I think it is imparative that these corporations let their employees know that with the reelection of Obama there will be more dismay. Their families need to let their family members know that there will be little to no business expansion, a continuance of no jobs for college graduates and an ever expanding fedeeral government.
An interesting subject for Obama, should he not be reelected, is who will hire him to speak - and if hired who would come to hear him bash business? What words of wisdom will he impart? Perhaps he can become a spokesperson for ACORN or Planned Parenthood!!!
Mimi | 7.20.12 @ 4:38PM
After " WE THE PEOPLE " fire him... it will go on his record...and the updated RESUME !
He will be so MAD, he'll leave the country....Problem solved!!!
Native American| 7.20.12 @ 6:47PM
I'm still fumming about our presidents comment that business owners didn't do it on their own, we had help.
I've been racking my mind on who helped me.
I worked to jobs to raise my own seed money, banks don't really like small businesses, so they didn't help me.
I pay taxes on my income, on my purchases, and just to live in my home, so the IRS didn't help me.
I buy my own healthcare, and now I'll be taxed if I decide to go cash only, so Federal government isn't helping me.
When railroads were built on the backs of Chinese and laborers, the local and state governments helped themselves to land that was not there's.
So, where is this business guardian angel that our president speaks of as the helper of the business owner?
Many things about our government have disgusted me, but this was incredibly insulting.
David| 7.20.12 @ 9:58PM
IF Bam Bam happens to lose in Nov, he had better lose very big, or there are going to riots.
IF he does lose, he will not leave this country. For the rest of his life he will be the national community organizer/agitator. He will be back in Jeremiah Wright's church and will hold hands with Jesse and Al at every opportunity there is a perceived injustice.
In short, if we think Carter and Clinton had no class because they wouldn't keep their mouths shut after leaving office, just wait until you see this guy. He will continue to brainwash college students and young people about the marxist way of life. It will be his life's mission, and he'll have secret service protection so no one dare lay a hand on him.
Occam's Tool| 7.22.12 @ 11:18PM
I can't believe any business organizations supported this asshole in the first place. His plans were obvious from the very beginning; his speeches were sematically null to any rational evaluator. (Including, believe it or not Noam Chomsky.)