Going forward doesn't look so hot. Regulations, taxes, uncertainty. and "stuck on stupid" with Keynesian Do-Loop inanity are all mentioned.
Unless government policies are altered, he predicted, "the next big thing will not be invented here. Jobs will not be created here."
Thus spake Paul Otellini, CEO of Intel.
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."
Not long ago, Otellini said, "our research centers were without peer. No country was more attractive for start-up capital... We seemed a generation ahead of the rest of the world in information technology. That simply is no longer the case."We've mentioned regulatory costs. Otellini defines them:
"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. ...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
So glad you brought up "taxes."
"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.
By the way, it was not ONLY Obama. It was Bush II, Clinton, Bush I, Carter, and Roosevelt, not to mention the Professional Pandering Class which occupies the Capitol in DC and damn near every State in the Union.