Apparently corporate elites have come to the astonishing conclusion that Obama is hostile to big business.
Business executives dislike the uncertainty created by health-care reform and financial regulation, and the political stalemate over climate change and immigration. They hear the demonizing rhetoric directed at the health insurance industry, Wall Street and oil companies. They see a wave of new regulation heading their way after years of writing their own rules. They know that balancing the budget will almost certainly mean higher taxes.
The Washington Post misses a bigger point. The big bogey man in this recession is the lack of job growth, which only comes from small and medium businesses who have something new and innovative to bring to market. It doesn't come from government or blue chip behemoths like Microsoft and GE which have seen their days of rapid growth. For big business growth is only a fading image in the rear view mirror.
The issues of uncertainty cited by big business becomes compounded for small businesses where the risk falls one one or a few individuals. Small business are started on private capital and, optionally, a loan from a bank.
Who in their right mind would mortgage their house to start up a small business today with consumer demand stagnant and the government poised to foist additional taxes and regulatory burdens? The uncertainty of future consumer demand and operating costs is enough to drive even the the most ambitious entrepreneur to bury his savings in a coffee can in the back yard and wait for the dust to settle.
That's the root cause of our current jobless recovery.