Weak US growth likely to put damper on jobs report
U.S., Canadian Chamber CEO's speak out on economy, employment
- Duration 7:08
- Date Jul 30, 2012
U.S., Canadian Chamber CEO's speak out on economy, employment
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Big jobs report due out on Friday and this one could be a doozy slow growth here and abroad likely keeping the breaks on -- but.
Put our neighbors of north help.
My next guests.
The first on fox joint interview US chamber of commerce CEO Tom Donohue and his Canadian counterpart Perrin Beatty.
-- to start with -- only because.
We know what the business community with the environment is here in America we have the highest corporate tax rate of all developed nations makes it very difficult to do business here in Canada.
Talked to us a little bit about your corporate tax -- what is your your top corporate tax rate there.
-- the government has been bringing it down consistently even right through the reception -- the point where it's a 15%.
And that's major achievement in Canada and mr.
Donahue it's it's 35% here correct.
Yes with a lot of bad on here there and everywhere OK so so.
Back to you mr.
Beatty now when you when you think about corporate taxes and and it's coming down is it coming down because government decided hey that's the good.
You know the best that the best -- or.
Does the government work with the business community to discuss what the best plan -- But the government works with the with the business community but they recognize as well -- the engine of economic growth.
-- -- -- -- And by making more attractive for people invest in Canada.
It drives growth in the Canadian economy and that in turn drives government revenues -- mr.
Donahue what what about here in America do we have the same here of the government.
You know you what what you're doing -- the -- chamber of commerce is a government listening to the chamber.
Well we have been a very strong working relationships with a lot of the agencies.
Of government and some people in the White House but remember you also have to work -- congress.
It's not just the will -- -- the White House.
It's the will of the congress and we're going through a and injured generational transition in the congress we have a lot of new people.
But we're making progress and I think.
After the election.
Sometime after the election.
We'll get down to a deal that puts -- back on the right track mr.
-- what what recommendation what advice would you give President Obama right now to help.
Spur economic growth in businesses to stay here in America.
Well I want to respect the fact that on the gas can in the US home at this point out for me to give advice I can talk what we've done in Canada.
And what was actually key for us was to get our finances under control.
For ten years leading up -- the recession.
Our federal government -- most the provinces were running surpluses.
And by 2015 we'll have our books back into balance again.
It's no different for government and -- -- for running a small business for a household.
You can't keep on going on spending more money than you're bringing in with a very serious problems that broad.
We have to make sure that we live within our means.
Iverson Donnie always had a guest Don from -- -- what with the medical device maker who said.
Because what's going now with the taxes buried into all Obama -- he can't open new plants here in America he's looking elsewhere.
What do you tell business owners that want to expand and maybe look to the guide to your left are right on screen.
And who who may be facing 15% corporate tax rate instead of 35% here in America how do you keep businesses here.
Well we're sending the message.
Tomorrow with our.
Conference that we're gonna run on the Kennedy were like all the Canadian miracle they got together they dealt with the issue of their banks.
They dealt with the questions of entitlements they lower their tax rates they expanded.
They're trade around the world and they did it because they had a -- out.
They were able to use energy resources.
To give them the backbone so they could go ahead and do this America has every one of those needs.
And that is what are we going to do about our entitlements what are we gonna do about our deficits what are we gonna do about.
Our problems and we can do the same thing candidate did.
Because we have a huge cash cow and that's all of our energy used environmentally friendly way.
And use it to pay the government -- of the royalty holders.
Pay taxes hire people.
I'm hopeful that the discussion tomorrow gives a lot of people an idea.
Think Canadians that -- we can do it in Spain right service value of that mr.
Beattie to you that there's a lot being made of the XL pipeline YouTube produce a lot of oil we'd like to -- we use a lot of oil here in America.
That pipeline would would ship of lot of your oil -- -- refiners that we Sony down in.
In the Texas area Houston area.
Talk -- us a little bit about excel.
Where are you wanted to you do you look at it as as America as of a place that we can do business with a free flowing business handshake or is it.
Bound by regulation.
It's a place where we should do business -- each other were each other's best customers.
-- as the best customer for 38 of the fifty states.
As the prime minister said when you look at keystone XL it's a no brainer.
It can help to ensure it will create jobs that no public expense in the United States will help to ensure greater energy independence in the part of the United States.
According to the State Department study that was done for displaced up to 40%.
Of the imported oil you're getting from the Middle East today so we're actually contribute to global security as well.
-- -- -- Stanton stay with this be with you for -- one more question follow up on that China is very interest in your oil -- well.
You would rather sell -- oil to American and trying to -- Obviously our closest partner our closest trading relationship -- the United States it makes sense for us we've been deeply integrated economy.
Companies operate on both sides of the border much the investment.
The oil -- American it makes sense for us to.
Now have the first relationship with the United States but the prime ministers made it clear that we will sell our oil on world markets -- people who want it.
We hope that but there -- appetite here in the United States for mr.
Donohue has that message.
Been sent to added the likes of senator Chuck Schumer who's.
Who's been in favor of supporting president -- of -- holding up the XL pipeline.
A look this is.
Nothing but a political play.
For the election you saw the other day the administration gave the authority.
To build the XL pipeline from Oklahoma.
Down -- the golf.
As soon as we finish the election as soon as we get past that.
The worry about the environmental community we're gonna build this thing.
Because if we don't.
We are going to face a lot of problems we don't need.
And -- and and put aside extraordinary relationships that we need to nurture there's nobody closer -- -- the Canadians.
And and we just got to get on with it but we understand these are political times.
Yes sir it's Tom Donahue the US chamber of commerce CEO and Perrin -- the Canadian counterparty Canadian.
Chamber of commerce -- it's fantastic -- guys were together we love to have you back maybe later on in the week in and see if see what's what's progress thank you sir good.
-- product is what are tomorrow.
Doctor take take its.