Obama's corporate agenda
Obama's State of the Union speech endorsed a long list of corporate America's goals, but won't do much to close the deficit
"President Barack Obama embraced much of the business community's agenda last night, calling for progress on stalled trade pacts, investments in roads and education, reworking the corporate tax code, and freezing discretionary spending," writes Bloomberg here.
"With Republicans taking control of the House of Representatives and U.S. growth still sluggish, Obama said his proposals were aimed at creating jobs and reorienting the economy to confront challenges" from China and other fast-growing rival nations.
"Instead of pushing contentious issues such as health-care legislation and overhauling financial regulation, as he did in the first two years of his term, Obama focused on investments for growth, which should garner support from corporate leaders...
"To help 'maintain America's leadership in a rapidly changing world,' Obama called for Congress to extend tax credits to fund college education, proposed joining with business to expand wireless access and pledged to work with states to curb medical malpractice costs, a longstanding demand of some Republicans... echo(ing) themes espoused by the Business Roundtable and U.S. Chamber of Commerce in recent weeks..."
With some differences: "Instead of reducing corporate taxes, he proposed cutting the rate while closing loopholes so the net effect on the budget would be zero. The president also called for ending $4 billion a year in tax subsidies to oil and gas producers."
Obama won praise from longtime foe John Engler, ex-GOP Governor of Michigan and head of the Nat'l Assn of Manufacturers, now head of the Business Roundtable. He said: "Since November, President Obama has taken important steps - including his recent order for a comprehensive regulatory review - signaling that he is ready to change direction and focus on what is necessary to drive a vigorous recovery."
"Obama said he wants to increase U.S. research and development... Obama called for providing high-speed wireless access to 98 percent of all Americans in five years... Obama said he will intensify efforts to repair the nation's roads, bridges and mass-transit systems..."
He also called for at least partial privatization of ambitious state road and rail projects.