Tags: Steve | Wynn | Obama | Killing | Economy

Steve Wynn: Obama Is Killing the Economy

Tuesday, 19 Jul 2011 08:38 AM

President Barack Obama is strangling the business climate in the United States with his constant stream of regulations, says hospitality and casino giant Steve Wynn.

"I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime," Wynn said in an investor conference call published by Business Insider.

"I could spend the next three hours giving you examples of all of us in this marketplace that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right."

Don't think Wynn is acting as some sort of voice box for the Republican party, either. He's not.

Any business owner should fear Obama, he says.

Steve Wynn
(Getty Images photo)
"That's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans," Wynn said.

"Until we change the tempo and the conversation from Washington, it’s not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don’t want to say that. They’ll say, God, don’t be attacking Obama. Well, this is Obama’s deal and it’s Obama that’s responsible for this fear in America."

Meanwhile, life is good in Communist China, where the business environment isn’t so Communist.


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"We love it there. We are so grateful to be part of that market and to be allowed to participate in that community," Wynn says.

"We find the political environment, the regulatory environment, the human resource environment that we're in to be absolutely delicious. Life is quite straightforward in China. The government is predictable."

Turning to home, the government needs to not only cut red tape in Washington, but it also needs to do the same at the nation's airports.

President Barack Obama
(Getty Images photo)
Too many wealthy foreigners are finding it difficult to enter the country and are being hassled at airports by security agents.

"Foreigners, people with non-American passports, mainly Asians, mainly Chinese people, come to the United States, if they can get through Homeland Security without too much misery, if they can get a visa, they come to the United States and they leave their money here. They are generous and tasteful. They shop for fine products. They eat good food. They tip well. They create job opportunities here," Wynn says.

Policymakers should remember that such foreigners can take their business elsewhere.

"Coming to the United States is tougher than going almost anywhere else in the world," Wynn says.

"But yet, there seems to be a tremendous amount of inertia to move government in America, whether it's the deficit management and coming to some kind of logical conclusion before August 2 or whatever it is, or whether it's getting visas. Everybody has a clear understanding of the problem, but when it comes to our government, it seems to be getting more and more sclerotic, more and more inflexible by its own device."

Wynn was referring to the Aug. 2 deadline that Congress has to lift the government's $14.3 trillion debt ceiling to avoid default.

China, a U.S. creditor, has said it is concerned with U.S. spending.

"We hope that the U.S. government adopts responsible policies and measures to guarantee the interests of investors," says Hong Lei, a foreign-ministry spokesman, according to the New York Times.

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