Steve Wynn, CEO of Wynn Resorts, isn’t happy with the Obama administration’s economic policy, calling it "totally dishonest."
He made his thoughts clear in a recent conference call with analysts to discuss the company’s earnings.
Answering a question about the Occupy Wall Street movement, Wynn said, “There comes a moment when the population realizes that it has to stop. And sometimes it takes a form of tax to rich people, which is a reflection more of a lack of understanding of how the economy works.”
The Obama administration is defining rich as people with annual income of $1 million. But that includes many small businesses, Wynn says.
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“We have an administration that is fanning the fires that this is somehow undeserved profligate millionaires, and it is worse than hypocrisy. It is totally dishonest.”
|President Barack Obama
(Getty Images photo)
It’s one thing for young protesters to make noise about issues they don’t understand, Wynn says. “But if it's a politician that does it or a union leader, than it represents something much more pernicious.”
People will grow more angry until policy changes, Wynn says.
“You cannot sustain these deficits, you cannot undercut the people that form the jobs and create the employment in this country.”
The problem rests with Democrats, Wynn says. “I say right now that the Democratic agenda of spend and bribe the public has bankrupt this country, and until it stops the citizens of this country are in for more hard times, and fancy speeches aren't going to change that,” he said.
“It's very interesting about the folks who are occupying Wall Street. That group is quite diverse. There are people in there that think the government should give them more just because they are alive regardless. There are people there who are opposing government spending. There are people there that are opposing bailouts,” he said. “That group is not homogeneous by any means,” he said.
“What you do have on Wall Street is a reflection, a real reflection, my opinion, of the anxiety, the insecurity and the fear that is endemic in the United States of America about the way government has gotten into the business of managing its life and the ability of the government to manage the economy intelligently by increasing these deficits and government spending rationally to the point that we (indiscernible) everybody's financial security,” he said.
Wynn was pitched a new business project that he can't do "because I cannot predict what healthcare costs are going to be, what regulatory load they are going to heap on us, what new taxes or other burdens this insatiable governmental appetite for money from the citizens will take us to."
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