Why are CEO’s Whining?
January 13, 2012
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Yesterday Thomas Donohue, chief executive officer of the U.S. Chamber of Commerce delivered his State of American Business address. The nation’s chief Obama basher offered a very upbeat assessment of the nation’s businesses, summarized by Daniel Gross of Yahoo! Finance:
…the state of American business and the state of the economy, at least as the typical American experiences it, may be two different things. Since the financial crisis, business has bounced back much more rapidly than the consumer and than the economy at large. In the three years since the meltdown of 2008, U.S. companies have returned to impressive profits, refinanced debt at low rates, cut costs and reaped efficiencies in impressive fashion, stormed into global markets. They’re now collectively sitting on nearly $2 trillion in cash; the stock market has made up most of the vast losses it suffered. Labor unions have never been weaker, and with large amounts of slack in the labor market, management has been beating the living daylights out of its employees.
It’s a great time to own a company. But it’s not such a great time to work for one.