General Electric (GE) Chairman and Chief Executive Officer (CEO) Jeffrey Immelt castigated his business peers calling them “the prime suspects” behind the nation’s persistent high unemployment.
“They’d like to point the finger at high taxes, excessive regulation, economic uncertainty, or President Obama, but they can’t,” Immelt insisted. “Businesses are the ones that decide whether to hire people. The government isn’t stopping them from offering jobs.”
Immelt speculated that “some businesses may be holding back on hiring out of animosity toward the President,” but characterized this as “a bad strategy.” “Look, if you cooperate with the President there are definitely benefits,” Immelt maintained. “You could get government contracts, subsidies, or tax holidays like GE did. But if you’re going to but heads with the most powerful man in the world you’re not likely to come out ahead.”
“Partnering with the Government is an easier path to success than trying to win customers in the cutthroat competition that is forced on you by the marketplace,” Immelt added. “If you play your cards right the Government can guarantee your profits by mandating the purchase of your products or blocking the purchase of your competitors’ products. The smart course is to help those who can help you the most. There is no question in my mind that Government is the agency that can do the most for your business.”
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