Worries new recession fears may keep companies from hiring
Heinz CEO Bill Johnson on state of U.S. economy
- Duration 5:10
- Date May 23, 2012
Heinz CEO Bill Johnson on state of U.S. economy
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Uncertainty will -- keep big companies from hiring more people it's a big concern for my next guess -- is the Chief Executive Officer of -- Bill Johnson.
Before we get to hiring or no.
You was sitting that went Ed Henry was reading that quote from the president that the president was showing fiscal restraint he was witnessed.
Explain yourself so BS stands for big spender in my view and I think the reality is that.
He can argue with the facts the facts are we're pushing sixteen trillion dollars in debt it's created uncertain in the business community and it's affecting virtually every decision we make he's of -- a yes or no.
Obviously I mean that spending says that all I'm.
But I try to stay out of politics and my job but the reality is when it goes from ten or eleven billion trillion dollars in debt to sixteen trillion dollars -- something has changed.
Fundamentally all right the president wants you a bit a corporate -- a chief you're the CEO of a very big company he wants you to hire people.
Why are you all you hiring people and if not why not.
Or certainly not hiring people in the -- -- the US or Europe because of the and certainly in the environment the economic conditions.
And you know I think that that the whole tax situation is a big concern -- Churchill once said trying to tax your way to prosperity is like standing in a -- and trying to lift herself up by the handles it just doesn't work and so.
I think we're just concerned about the inserting until we get some clarification where we're going.
We're sort of sitting -- side are you told -- -- clarification about the economy is it expanding properly or are you talking about clarification on regulation like all of you look at all the above.
-- I think I think -- -- from our perspective.
I think manufacturing -- to come back to the states I think the thing that's holding him back is a concern about the regulatory environment and whether it's going to be allowed just to set up the way it should set up.
And try to create a number jobs -- possibly could -- started she manufacturing migrate back to the west if the west will support it.
And I think the regulatory environment just making it more uncertain and creating a condition by which we feel and comfortable and making those investments they feel about obamacare.
Well I'm not a fan I'm not a fan of any time the government gets -- is it gonna raise -- costs absolutely.
But a loss significantly.
And that's a problem for you when you're the hiring more people cheered as if -- have a hundred people -- -- paying a hundred dollars and all of a sudden it goes 200 to a 150 dollars you can't keep the hundred PP got to cut the number of people to compensate for the cost difference.
That Mitt Romney just said to time magazine he has pledged 6%.
So much lower right by yum forget the time -- By the end of his first 6% unemployment by the end of his first on a pledge by Mitt Romney to time magazine and you say.
I say if the conditions are right in the government does the appropriate things in and gets out of the way of business let's business hire people and really move ahead -- investment.
It's doable I mean I think the reality -- That the number of employed in the country is down to a low since 1981 we need to bring those people back -- -- the workforce and we need to create conditions.
Where there's regulatory certainty where we understand we're textures are going.
Where the dollar is -- a that a stable position.
We're we're not concerned about the overhang from Europe and really then and encourage business to be a partner with -- government.
Not a folk -- right now are you gonna get bad the situation you describe.
By expanding private enterprise liberating private enterprise or are you gonna get side by -- government which is it.
Are you gonna have to liberate private enterprise you simply don't get there any other way that puts you on the right of the political spectrum and you just made -- political site and I did not it puts me on the on the perspective of what grows businesses and that is not a political statement it's a statement an economic fact and if you look at the emerging world right now which I certainly wouldn't call on the right of the political spectrum including China.
Or India they have created -- condition for private equity can thrive and as a consequence employment is going up.
All you in that CEO club that says President Obama is anti business.
I'm an arm and a club that says the current conditions in the US or not support of -- business growth.
Not support current conditions on not supportive of copyright business growth does that mean the current administration is not supportive of business growth it certainly means that the conditions are not being improved to support the kind of business growth and I'd like to say about trying to put you in a political -- on the -- however let me raise a pet Peter -- raised by many about viewers.
Big government says there's no inflation.
They say there is inflation go to the grocery store and look at food prices as -- is inflation and you feel last.
You make soup for heaven's sake we make a lot of products in the commodity costs have increased substantially last year almost double digit.
Increases in inflation in commodity costs and it's a function of demand it's a function of the weak dollar to function of a lot of things.
That contribute to very unstable environment a commodity world so inflation is absolutely a big part of the business right now so it wasn't.
Which would you prefer an America spend more -- tax less.
I would prefer tax less you proof of that yes you think you're gonna get it.
I don't know.
And I think -- depend on how things turn out November and where we go going.
Into the future by Bill Jones not press you know I got -- I did press -- but I think it was that right you were absolutely fair Stewart might.
And I hope people understand my position which as I'm concerned about business environment got a bill Johnson CEO -- thanks for joining us -- George thank you very much on eight.