Things Need to Change in the U.S.
Thursday, August 26, 2010
During dinner at the Technology Policy Institute's Aspen Forum, Intel CEO Paul Otellini warned government officials that unless government policies are altered, people will not invest in the United States and cites the U.S.'s hostile legal environment towards business.
He used the example of factories, explaining that costs $1 billion more per factory for me to build, equip, and operate a semiconductor manufacturing facility in the United States and 90% 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.
He argues 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...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...I think this group does not understand what it takes to create jobs. And I think they're flummoxed by their experiment in Keynesian economics not working..the next big thing will not be invented here. Jobs will not be created here."
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