Obama Pushes Business to Invest
The New York Times reports:
President Obama urged American businesses on Monday to “get in the game” by letting loose trillions of dollars being held in reserves, saying that they can help create a “virtuous cycle” of more sales, higher demand and greater profits that will put people back to work and turn around the sluggish economy.
“If there is a reason you don’t believe that this is the time to get off the sidelines — to hire and invest — I want to know about it. I want to fix it,” Mr. Obama said during a speech to business leaders at the United States Chamber of Commerce.
In the speech, Mr. Obama pledged to eliminate unneeded regulations and simplify the tax code, but said companies have responsibilities to help the economy recover.
“Ultimately, winning the future is not just about what the government can do to help you succeed,” he said. “It’s about what you can do to help America succeed.”
The president’s comments came as he sought to reassure the business community that he is not their adversary and to mend fences with their aggressive lobbying advocate in Washington.
“I’m here in the interest of being more neighborly,” Mr. Obama said, alluding to the contentious relationship he has had with the Chamber of Commerce over the past two years. “Maybe if we would have brought over a fruit cake when I first moved in, we would have gotten off on a better foot. But I’m going to make it up.”
The chamber has fiercely opposed most of Mr. Obama’s health care and banking agenda and spent more than $50 million during last year’s midterm elections to cast the president and his party as antibusiness and a threat to capitalism.
But the chamber, too, is eager to tone down the rhetoric, according to senior officials there. At the height of the high-profile fight with the White House, several big-name companies left its board, citing concern about the chamber’s opposition to the administration’s efforts.
In introducing Mr. Obama, Thomas J. Donohue, the Chamber of Commerce’s president, emphasized his group’s desire to work together in areas where they might agree. Those include increasing free trade and exports, investing in technology and infrastructure and reducing the nation’s debt.
“I reaffirm the American business community’s absolute commitment to working with you and your administration to advancing our shared priorities,” Mr. Donohue said. “Our focus is finding a common ground to advancing America’s greatness.”
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