The problem is that Obama has no business experience, doesn’t understand what is needed to spur job growth and has no intention to learn. His whole background is the antithesis of the capitalist system. Bernie Marcus, co-founder of the Home Depot flatly states that Home Depot would not exist today, if they had tried to start up under current anti-business government regulations.
Excerpt: In a discussion about the current moribund job climate, Home Depot co-founder Bernie Marcus discusses the situation today contrasted with when he first started up the retail giant in 1978. Remarkably, the darkest days of Jimmy Carter were brighter than today’s despair under the failed Obama presidency.
IBD: What’s the single biggest impediment to job growth today?
Marcus: The U.S. government. Having built a small business into a big one, I can tell you that today the impediments that the government imposes are impossible to deal with. Home Depot would never have succeeded if we’d tried to start it today. Every day you see rules and regulations from a group of Washington bureaucrats who know nothing about running a business. And I mean every day. It’s become stifling.
If you’re a small businessman, the only way to deal with it is to work harder, put in more hours, and let people go. When you consider that something like 70% of the American people work for small businesses, you are talking about a big economic impact.
IBD: President Obama has promised to streamline and eliminate regulations. What’s your take?
Marcus: 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.
Brutal. Yet sadly, all too true.
IBD: If you could sit down with Obama and talk to him about job creation, what would you say?
Marcus: I’m not sure Obama would understand anything that I’d say, because he’s never really worked a day outside the political or legal area. He doesn’t know how to make a payroll, he doesn’t understand the problems businesses face. I would try to explain that the plight of the businessman is very reactive to Washington. As Washington piles on regulations and mandates, the impact is tremendous. I don’t think he’s a bad guy. I just think he has no knowledge of this.
IBD: Why don’t more businesses speak out?
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.
Original article on IBD here