Intel CEO: Obama And Democrats Are Stuck In A Do Loop

by William Teach | August 25, 2010 10:25 am

As the market continues to stumble[1], sales of existing homes[2] hit a 15 year low, and even Burger King[3] is now seeing weak demand, Biden is out defending[4] the Democrats foolish economic plans, while his boss takes yet another vacation. Yet, in the real world, other, smarter, people, who have actually held real jobs, know how to make a payroll, and have to rely on earning money, rather than confiscating it, tell a different story

Intel chief executive Paul Otellini[5] offered a depressing set of observations about the economy and the Obama administration Monday evening, coupled with a dark commentary on the future of the technology industry if nothing changes.

Otellini’s remarks during dinner at the Technology Policy Institute’s Aspen Forum[6] here amounted to a warning to the administration officials and assorted Capitol Hill aides in the audience: Unless government policies are altered, he predicted, “the next big thing will not be invented here. Jobs will not be created here.”

The U.S. legal environment has become so hostile to business, 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.”

Think back: in the 80’s, it seemed that a good chunk of the big new products came from Japan. Then, they went into a big recession, and tried the same things that Barry and Co. are trying now. Anyone hear of how powerful the Japanese inventions are as of late? People do not really make jokes about “made in Japan” anymore.

He continues

Otellini singled out the political state of affairs in Democrat-dominated Washington, saying: “I think this group does not understand what it takes to create jobs. And I think they’re flummoxed by their experiment in Keynesian economics[7] not working.”

Since an unusually sharp downturn accelerated in late 2008, the Obama administration and its allies in the U.S. Congress have enacted trillions in deficit spending they say will create an economic stimulus — but have not extended the Bush tax cuts and have pushed to levy extensive new health care and carbon regulations on businesses.

“They’re in a ‘Do[8]‘ loop right now trying to figure out what the answer is,” Otellini said.

As a result, he said, “every business in America has a list of more variables than I’ve ever seen in my career.” If variables like capital gains taxes and the R&D tax credit are resolved correctly, jobs will stay here, but if politicians make decisions “the wrong way, people will not invest in the United States. They’ll invest elsewhere.”

Again, when people who have no real world experience are pushing their own feelings as policy, the results never match the ideals. Which explains quite a bit why this is the second longest recession in US history, only being beaten by the Great Depression. It’s why unemployment is still over 9.5%, years after the economy took a downturn (remember, most of the worlds’ economies did the same.) We can look towards Europe to see the results over the past 10-15 years, where many of the countries had pervasive unemployment figures about 8-9% for most of the last decade, thanks to their far left economic models, with high taxes, cap and trade, and socialized health care, among others.

Of course, Obama and the rest of the elected Democrats do not care. They think because they are good enough to win an election, they know better than everyone else, including people who run massive corporations. And they keep feeding garbage into the Do While loop, and the output is exactly what one expects.