Morning Briefs

Intel CEO Attacks the Economic Cluelessness of the Socialist Obamacrats

The CEO of Intel had some choice words for the doctrinaire Marxists running the Obama Regime’s economic policy.

The U.S. legal environment has become so hostile to business, [Intel CEO] Otellini said, that there is likely to be “an inevitable erosion and shift of wealth, much like we’re seeing today in Europe–this is the bitter truth.”

Take factories. “I can tell you definitively that it costs $1 billion more per factory for me to build, equip, and operate a semiconductor manufacturing facility in the United States,” Otellini said.

The rub: Ninety percent of that additional cost of a $4 billion factory is not labor but the cost to comply with taxes and regulations that other nations don’t impose. (Cypress Semiconductor CEO T.J. Rodgers elaborated on this in an interview with CNET, saying the problem is not higher U.S. wages but anti-business laws: “The killer factor in California for a manufacturer to create, say, a thousand blue-collar jobs is a hostile government that doesn’t want you there and demonstrates it in thousands of ways.”)

“If our tax rate approached that of the rest of the world, corporations would have an incentive to invest here,” Otellini said. But instead, it’s the second highest in the industrialized world, making the United States a less attractive place to invest–and create jobs–than places in Europe and Asia that are “clamoring” for Intel’s business.

If the Obamacrats were really looking to grow the economy and create jobs, they would be listening to these guys. But instead, they listen to the Marxist professors who want to set up Cuba del Norte in the USA. What does that tell you?

Hat Tip: The Blogmocracy

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One response

  1. R

    KRUGMAN enters, stage left.

    August 26, 2010 at 5:54 pm

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