You're watching...
Former Office Depot CEO Steve Odland on why the government needs to rein in spending.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
But regardless former office Depot's CEO Steve -- and does not like the optics of the -- -- is right now what do you make of that state.
Well you know look I think we're gonna hear a lot of things tonight but what American businesses are going to be listening for specifically.
Are things about the economy.
Things about the taxation things about regulation.
And right now I think businesses are worried.
-- they're worried they're not hiring businesses are not investing.
And they're looking for Washington to take the fiscal situation seriously.
We simply have to cut spending and it any business that's how the hell no Steve I I yeah I don't wanna give you Fox News flash it's not gonna happen.
It's not gonna happen -- address tonight.
Yeah I think it out and -- that's the problem and you know everybody here knows that this we're spending way too much money we can't keep piling debt on debt on debt but muted muted hello standards and it isn't a problem.
Spending is not a right.
This is the issue -- every business in America knows -- spending is a problem.
We can't keep adding to the debt and we're looking for long term solutions and there's got to be whether we hear tonight or not.
There's got to be steps taken to forward towards long term -- along addressing the long term issues on entitlements.
Addressing some -- And I don't usually what I talked for years and I think you're very -- -- -- and you've got that you've been on top of this.
So riddle me this that -- look at what's going on the corner wall abroad the market keeps raising the new -- The Dow we've just a stone's throw -- all time high.
People are getting giddy about the market again -- money is coming off the sidelines into the market again.
Is is that just another universe another reality what.
What happens every time.
That the market goes up and there's giddiness like this when the underlying economy is weak in -- -- -- -- that that is the trapped.
It every time every time it's it's not real and so there is no growth in fact we had -- GDP decline in the fourth quarter.
It doesn't feel any different -- in the first quarter.
And businesses are looking towards these long term solutions and whether or not we here -- tonight or not it doesn't make it right.
We've got to deal with the long term issues that are before us everybody knows this but nobody's talking about it and that's what businesses want to hear.
Whether we here tonight are not.
And if it doesn't happen you're not gonna see businesses invest your not gonna see jobs created you're not gonna see unemployment come down and eventually the stock -- It's gonna follow that there aren't you know I don't have weird selection of -- about -- -- what side of the -- while you're on with this kind of stuff to but that's how Apple's CEO.
And advises -- on -- several.
But to tout apple.
And ended -- you know it makes great products a lot of those products are made.
Overseas the just did you start.
And then to reward and and and brag about the company that it might bring some of that LB it very tiny part of that the United States and -- -- -- a big deal.
It's weird.
Well you know I think that they're looking for positives and you know that that using the bully pulpit to try to get people to bring jobs back.
You know that's fine.
But ultimately businesses invest when economies look like they're going to grow when politicians.
Address the long term.
Underlying issues and entitlements tax reform but we still got the highest corporate tax rates in the world.
We still got all the issues.
Around revenue we still got.
Deficits that are over a trillion dollars a year these -- the issues that are going to catch up with us and it's gonna hit the currency.
It's gonna hit the markets and fundamentally it's gonna hit demand businesses know all this and this is why they're not hiring -- will want to close to but -- it's always a pleasure thank you.
Very much -- guys.
