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Former Office Depot CEO Steve Odland on a ranking of countries based on economic freedom on which the U.S. has fallen to 18th.
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Meanwhile because of regulations the land of the free growing importance of brand new report out showing that the US is slipping and economic -- -- out eighteenth.
-- are countries like Denmark and Finland Denmark architect Finland.
And dropping fifteen places since 2000.
Former office Depot's CEO Steve off on its red light blue in the face he says America's to be number one on this list and it's -- we use today.
But what we do Steve this is humiliate.
Yeah this index comes out every single year and its side you know it's an independent group that that says you know ranks all of the country's based on economic freedom -- All the markets open and based on the rule of law or is it based on.
Politics and and crony capitalism.
We should be number one by far this country was founded on free market capitalism our founding fathers believe that.
Only Adam Smith's invisible hand should be the regulator of this economy and over the years you know that's changed here we are today.
And ten years ago we were number three -- we were complaining about that here we are today number eighteen.
We're behind.
Some African.
Countries were behind some Middle East countries were behind some.
European social democracies so we've lost it here and it's because of all the regulation.
And the layers of regulation that have been added.
It was as today's I wanted to regulation and I mean week.
We are now considered to be an inhospitable environment and and people used to -- quite literally and -- Because we work and -- we lost that.
And and again you know businesses.
-- -- to countries like Denmark and Finland.
Beautiful people never seen though again knock outs but I mean to -- that's not good.
No it's terrible in you know businesses today face regulation at the federal -- -- from.
You know whatever comes out of congress but all these government agencies -- the executive branch.
Then every state fifty states worth of legislative branches executive branches every county every local.
We've got -- coming out -- from so many different angles we can't keep Bob but Steve this auditing American countries million is it's.
-- weird because the one that -- more I'm not a lawyer but did you watch a lot of -- -- as as a -- Perry Mason cited a qualified expert at what they've been telling me.
So man a woman is.
This is picked up on steroids as regulation thing it's exponentially.
Gone up over the last 45 years to the point now where ignorance is not a defense that if you violate -- regulation.
You're gonna have to pay dearly for and anyone could packages the regulations they want to -- you for.
That is all that's that's not good.
That and it and that's not good -- and and what's happening as you've got.
You know millions of people out there every day just trying to do the right thing take -- your customers take -- your shareholders.
And you've got all this regulation new laws new rules being deployed every single day it's very costly to keep up.
And right now I think people are gunshot.
You've got two trillion dollars with a of corporate -- sitting on the on the sidelines here and they're not creating jobs so everybody's standing back saying what's going on the whole the grounds are shifting here the rules keep changing.
Imagine if you're a sports team.
And you got through quarterly gain all of sudden arrest came out and said now you know you've got those points and -- -- to take them away because we've changed the rules of the game it's simply is on American.
Would be better thanks Steve for them would it be if you don't have the business guys on an upward movement of those of the of the are -- -- and the size of the of that Office Depot began but.
Is that the regulations or is it the taxes enemy if they had their druthers.
-- what they'd like to do it -- Look I I think they want certainty today you've got uncertainty.
Both on the regulatory side you've got you -- Dodd-Frank has come through the rules are still being written for the health care act with a rules are still being written.
All of that on top of sarbanes Oxley with -- rules were coming for years.
You've got bad and then you got the tax situation where the highest we have the highest corporate tax rates.
In the world and some you know you've yes you've got some loopholes but they -- those loopholes and it's not illegal -- following the law but no loopholes.
We need simplification here we need certainty and once you have that.
Then I think the -- -- -- to -- -- then the jobs can be created in the economy will take off.
Matter what would you know you just.
We're between -- that the Office Depot no seriously Steve thank you very very much.
Great to be here and you'll thank you --
