Grasso said, “Rytec is a company with 200 employees that makes products that conserve energy. It’s a successful, market-leading company that my employees and I have built with no help from Washington at all. We don’t get any credits from the U.S. Treasury to subsidize our products. We’re too small to have the voice that GE has through their lobbying efforts. We’re not a Solyndra, where we’ve given money to the Democratic Party to get that quid pro quo of a subsidy. Government had no part in building this company—nor do they shoulder any of the risks.”
Rytec’s CEO continued, “Frankly, I’m glad we don’t have that voice (in government that big corporations do) because I wouldn’t want to be dependent on government in that way nor do I think that is its role. But the big companies shouldn’t be getting that treatment either. If the federal government is interested in making it easier for those companies to do business, they should start by taking another look at our taxation policies.”
As was reported on the Masthead blog and elsewhere, taxation is only part of the challenge, with regulatory burdens costing the U.S. economy an estimated 2 trillion dollars a year. At say $100,000 per worker – all in, including corporate profits – that 2 trillion could translate into 20,000,000 well paying U.S. jobs that could be created. That in turn would reduce welfare rolls and create more high paying jobs.
Chief Executive Magazine is not know for being a left wing rag; indeed it is all about doing good, profitable business. So this is not a left-right issue, but rather about fairness and what’s best for all.
MHProNews plans to explore more of the insights from Chief Executive’s Why Crony Capitalism hurts us all in the days ahead. ##
Related story, linked below.
“You shouldn’t have to be a lawyer to run a business in America today…”
(Image and Donald P. Grasso photo credits: Chief Executive)
