Obama pledges more help for business, but says companies must create jobs at home and not abroad

President Obama continued his campaign to reach out to America’s business community on Monday, telling a few hundred business leaders at the U.S. Chamber of Commerce he wanted to repair relations after a rough two years.

“I’m here in the interest of being more neighborly,” Obama said after walking across Lafayette Park to the Chamber. “Maybe if we had brought over a fruit cake when I first moved in we would have gotten off to a better start.”

“But I’m going to make up for it,” Obama promised.

The response from Republicans in Washington was resoundingly skeptical.

“President Obama has retooled his rhetoric, but not his job-destroying policies, which are eroding confidence, fostering uncertainty, and crowding out private investment,” said House Speaker John Boehner, Ohio Republican.

“It’s clear from his policies that President Obama isn’t as interested in winning the future as he is in rigging it for big government,” Boehner said.

The president brought a full cadre of advisers with him to the Chamber — including new chief of staff Bill Daley — and ticked off his most recent initiatives to position himself as more business-friendly: an emphasis on free trade deals, a promise to reduce regulation, a plan to reduce the corporate tax rate, and a focus on improving America’s ability to compete in the global economy.

But Obama, as he has throughout his presidency, made clear that concessions and compromise on his part come with obligations in return. He spent much of his speech reminding business of their responsibilities to the country.

Specifically, he said, that means that if the government helps them succeed, they should create jobs in America, and not overseas.

“If we as a nation are going to invest in innovation, that innovation should lead to new jobs and manufacturing on our shores,” Obama said. “The end result of tax breaks and investments cannot simply be that new breakthroughs and technologies are discovered in America, but then the manufacturing takes place overseas.”

“That too breaks the social compact. It makes people feel the game is fixed,” he said.

Obama pressured business to start expanding and creating jobs, referencing the oft-mentioned $2 trillion in private capital that has been sitting on the sidelines for months on end.

Many businesses say uncertainty created in large part by Obama’s policies has done much to stifle investment. Many in the administration and at liberal think tanks counter that the capital is not moving due to insufficient consumer demand. This is the reason the policy option of choice for the Obama administration has been to spend more money in an attempt to jump start consumer spending, though President Bush did the same in 2008.

Obama made some mention of uncertainty created by the health-care law passed in March 2010, but argued that the overhaul is going to help businesses save money. He linked the $2 trillion in unutilized capital to demand instead.

“Many of your own economists and salespeople are now forecasting a healthy increase in demand. So I just want to encourage you to get in the game,” he said.

  • Pingback: A Completely Unofficial Blog About Eric Cantor » Cantor plans to give Obama a business lesson at White House lunch

  • Whit

    Having waded through all of these comments I see much dissatisfaction with the way Obama is conducting business and some good suggestions. I want to point out that there is a fwd floating around the internet comparing Nagasaki and Hiroshima to Detroit. Detroit has been under the thumb of the Union, whom Obama seems to favor as well as Reid and Pelosi and they are following the course that has brought Detroit to it current state of prosperity. I haven’t done so but I suppose you can Google Hiroshima and Nagasaki, both of which are thriving today and were the target for the two bombs we dropped. I was on Biak, N.E.I. at the time and we had the backup landing strip for the Enola Gay. Those cities were devastated but today they prosper while Detroit is crumbling. Research how the unions have “helped” the working man and how we have prospered in the most intense union enclaves.
    http://www.library.gsu.edu/dlib/iam/list.asp This link will take you to and archive of the files starting about 1889 and consists of their published journals with links to other GSU labor union archives. I would recommend paying very close attention to the language and see if this movement was exclusive or inclusive. The Union is a monopoly so how can the members be free? There are many questions here that will only come to light with deep study.

  • recovered dem

    Less than 24 hours after Obama promised to break down “barriers that stand in the way of your success” while calling on the business community to hire more Americans and invest their stockpile of cash to putting people in the U.S. back to work,” Obama is proposing broader unemployment taxes on businesses. Obama wants to raise the amount of wages on which companies must pay unemployment taxes to $15,000, more than double the $7,000 in place since 1983.
    The moron wants to increase the cost to hire each individual American with a tax on each American hired.

    Obama is disincentivizing businesses from hiring by his plan to increase payroll taxes. Obama has been and continues to be anti-business and his proposal will hurt hurt American looking for work.

  • spike1120

    When business doesn’t rush to employ people and the 9% unemployment remains a fact, bo will once again demonize big and small biz as anti-American entities which need overhauling.

    Remember bo needs 8 percent for re-election.

  • Pingback: Arrogant Obama demands businessmen eat his fruitcake « The New Normal

  • truebearing

    Little Red Lying Hood and the Chamber of Hardworking Woodsmen

    Red Lying Hood said, “Sure, I’ve tricked you in the past, but you can trust me now. I have a new disguise”.

    The wary woodsmen said: “My what big teeth you have, Grandbama”.

    Then Red Lying Hood said, “All the better to take a bite out of your freedom, I mean excessive regulations with”.

    And the weary woodsmen said, “My, what a creepy, inappropriate smile you have, Grandbama.”

    To which Red Lying Hood replied, “All the better to show you I feel your pain”.

    And the worried woodsmen observed, “My what huge ears you have, Grandbama”.

    To which Red Lying Hood said, “All the better to detect anyone who opposes my “help”.

    Then the true hearted woodsmen spoke, “My what huge lies you tell, Grandbama”.

    Which caused Red Lying Hood to pause, his eyes flickering with anger, as he searched for a response on his teleprompter, “It’s not lying if the end is justified by the means”.

    Then all of the woodsmen in the Chamber quickly sharpened their axes and sent their money to those who won’t ban them from chopping trees down for construction and the like, and Red Lying Hood failed in his duplicitous, pathetically dishonest quest to ruin the lives of the free woodsmen.

  • truebearing

    Obama has no shame or integrity. Now he is trapped by his well documented past. He did destructive things to the economy based on his ideology, not the good of the country, and now is trying to appear to have changed, to admit his policies failed, and that he wants to help business thrive. His admission is false, however, and he will only pretend to have changed until the next election is over. If he wins again he’ll destroy what is left of free enterprise.

    • 1TrueOne55

      He is not “trapped” when he is the one with the power to get out of the dilemma. No he is not trapped, this is what he wanted and now he is getting his one term to do what FDR took 4 terms to do, but FDR was not out to destroy the Country like Obama has shared in his book “dreams from my father”.

      He is a communist by birth and rearing. And he is a Communist by policy.

  • fivebyfive

    Take from the prosperous give to the UNIONS

    787 billion for WHAT

  • greenrotgut

    He has done nothing but increase the cost of employing someone and he expects jobs. This is not an insane man either. What type of economics are they teaching at Harvard….