Why Business Fears Obama

Posted by on Apr 03, 2012 at 7:57 am
Barack Obama

Forget that class warfare has been a favorite Obama theme or that he’s calling for more taxes on oil companies as the price of gasoline is rising to $5 a gallon and threatening the nation’s weak economic recovery. Also forget that this is a well-educated man whose language, at least, suggests that he skipped elementary econ on his way to a Harvard law degree.

The question that has both captivated and scared many business leaders over the last three years of Obama’s first term is why he displays such a tin ear for free markets — either by ignoring them as a way to promote economic growth or by mischaracterizing them as a way to achieve his big-government agenda.

The answer, at least according to business leaders who voted for the president back in 2008 and have worked with his economic team since, should give anyone pause who thinks a second Obama term would be good for the US economy.

It comes down to resumé. This president, with his years in academia and community organizing, has a thin one when it comes to the economy, and the people who advise him on economic matters aren’t much better.

As one top business executive who deals with Obama’s economic team put it recently: “When I ask my business community friends who are Democrats, ‘How can you vote for someone you would never hire?’ they just shrug their shoulders. As far as the people who work for the president, dealing with his economic team is like dealing with college students. Their level of naivete is off the charts.”

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