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This is meaningful for several reasons. Otellini is a Democrat. And he is not by nature an Obama basher. He mentions having been invited to the White House for policy discussions more often in 20 months under Obama, than during the entire 8 years under Bush.
So the criticism is NOT politically based. Further, Otellini is on the front lines of U.S. manufacturing and job creation as CEO of Intel. He speaks with C-level executives on a regular basis. In the clip above, he emphatically states the stimulus isn't working, and that Obama should cancel his new $350 billion infrastructure package and replace it with a cut in the corporate tax rate, which at 38% is over twice that found in semi-Socialist France.
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More detail from CNN:
Intel CEO Paul Otellini doesn't buy into the idea that the White House is anti-business, but he does believe the administration "just doesn't get it" when it comes to creating jobs.
Otellini, in an exclusive interview with CNN Money at the Intel Developers Forum in San Francisco on Tuesday, said the U.S. should not only forgo spending the second half of Obama's $787 billion stimulus package, but completely axe Obama's newly proposed $350 billion economic recovery plan.
"The decisions so far have not resulted in either job growth or increased confidence. When what you're doing isn't working, you rethink it and I think we need to rethink some plans," Otellini told CNN Money. "Swimming pools in Mississippi are not going to create lasting jobs," he added.
Companies can't invest because they don't know what their health care, energy or tax costs will be in the coming years, Otellini said.
Otellini insisted the U.S. business world needs more certainty, but most of all, he said, the administration needs to take the first major step in attracting foreign investment and increasing the flow of capital back into the United States by reducing corporate taxes. "To attract a global-scale set of investments, you need to have globally competitive infrastructure -- and tax rates," argued Otellini.
In short, Otellini said America faces a cost problem. "As a global businessman, particularly if you're not based in the U.S., why would you come here?" Otellini said.
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