By Simon Johnson
President Obama is embarked on a major charm offensive with regard to the business sector, as seen for example in the appointments of Bill Daley (ex-JP Morgan; now White House chief of staff) and Jeff Immelt (still head of GE, now also the president’s top outside economic adviser). This should not be an uphill struggle – much of the corporate sector, particularly bigger and more global businesses, is doing well in terms of profits and presumably C-suite remuneration.
But when exactly will this approach deliver jobs and reduce unemployment? And it store up risks for the future?
Republican rhetoric over the past two years was relentless on one point – that the Obama administration was anti-business. Supposedly this White House attitude undermined private sector confidence and limited investment.
In reality, the opposite was the case. Continue reading “President Obama and Big Business Get On Well – But When Will That Produce Jobs?”