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Former McDonald’s USA CEO Tom Rensi on the failure of stimulus spending to create jobs and what is needed to boost job growth.
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Right now.
To the former McDonald's USA CEO here to say this stimulus burger is -- Fossett now.
And rents -- welcome -- Well in the proof is in though the pathetic number putting area gets worse and yet we keep coming up with the same policy what do we do.
But I what is it about these folks -- Washington they don't get why keep going the same thing over and over again.
Hoping for something different these numbers are pathetic.
It's -- hope change and shovel ready it is despair confusion get up the pitchfork.
Because we've got to get the bull lot of the barn alright so -- let's let's talk Turkey here.
I don't McDonald's ever -- -- -- Turkey but I went -- to do do you think.
It's time now for big tax cuts or something dramatic -- -- argued about what what would -- -- Well I I first of all think you've got to stimulate small businesses because they generate more jobs and anybody if every small business in America.
We're just add one job you get thirty million people to work.
And we -- -- -- we don't have a capital we don't have the and settlers were staring down a gun barrel.
This -- health care bill it's scary I just gave the keynote address at the US chamber small business action in Washington DC.
In a panic among those -- -- 150 people there they're scared to death we got to make a bold change.
And I think you've got to start with making capital available.
Yet these taxes down it's not just federal taxes.
These -- was local and state taxes are telling us we got a pension crisis.
In Illinois these guys can't come to an agreement on any -- well let's talk crazy what's so naturally present we can do in Washington you're.
Arguing that local all the spending -- the stimulating the whole all of rescuing has done squat I think the numbers -- what you're saying out.
So.
We have an administration at the lows to cutting taxes is at the very least once -- -- and the tax rate as we know it let it expire for the upper income.
At the end of the year.
-- that would be a mistake so what would you do if you were brought.
-- it was it's horrible I would extend those -- those.
Taxes as they exist -- for at least three more years three years so in other words this you know sort of does going month by month you would stop you would you would make it clear to individuals and businesses alike.
These rates are staying for three years.
If you gotta do something predictable people can't plan if they don't know what -- future's going to be like.
You can't take aggressive risk.
If you don't know that you're gonna have an opportunity to recover everybody so risk -- right now because we just don't have the power to run our own businesses.
That's well put and and and and that and again.
You're right when you look at all the money that corporations are sitting on.
And they're -- obviously given today's jobs report.
More anxious than ever about committing that capital to anything beyond just sitting at a Baghdad 1% interests.
So you are -- update -- had a all of a sudden.
A sense of continuity did did -- rates would stay where they are for another view years what would they do.
But I don't know -- did exactly what everybody would do I opened up for restaurants in two years Tom and Eddie's restaurant.
I employ over a 125 people I want to open up 67 and eight.
And I'm -- on a dollar -- that I just can't run the risk that the economy's gonna continue to deteriorate.
In my customers are gonna have money to spend for my -- So.
If you -- sense that look at least on the tax front.
Things were not gonna change taxes we're not gonna go up.
And you -- commitment whatever that means I don't -- -- -- that would be indicates for three years that would go a long way toward instilling confidence in committing cast.
It's not just the confidence it's a whole idea.
That the government finally realizes -- got a lead follow or get out all the way and right now we need a model the last eight.
Let us keep our money so we can really vast.
Quick take it at the Washington you guys are so any station in that town and what you spend money that that green.
Initiative with that 500 million dollars -- to a company that was on the verge of bankruptcy how much more stupid can you get.
When you know but it did after all this stuff and it's not working I mean -- writer -- -- -- say well.
Try to -- something new and we'll watch it closely thank you my friend always a pleasure.
Good to see how we're -- smile about something debate but I can't -- I -- you're here you read in the meantime the job.
