October 19th, 2009 4:11 PM
Corporate America is fighting back
Filmmaker Michael Moore declares the New York Stock Exchange a crime scene in his new film, Capitalism: A Love Story.
After a year in which the financial crisis forced the U.S. government to insert itself into the economy in unprecedented ways and pushed Americans' faith in business to new lows, Corporate America is fighting back.
The U.S. Chamber of Commerce, America's biggest business lobby, Wednesday officially launched a multi-year, multi-million dollar campaign aimed at convincing the country that capitalism is the answer to what's ailing the economy.
The very fact that the Chamber feels it needs to promote free enterprise in the United States shows how low American business has sunk in the eyes of many in the wake of the worst financial crisis since the Great Depression.
Indeed, since the Chamber's US$100-million campaign was first unveiled in June, its original message has been toned down. Instead of targeting what it sees as the Obama administration's dangerous meddling in the private sector, now the emphasis is on job creation, a much more palatable notion to many Americans with unemployment headed above 10% while outsized bonuses start ticking up again on Wall Street.
Through a blitz of national ads, grassroots advocacy and lobbying, the Chamber plans to push for the creation of 20 million U.S. jobs over the next decade, including the more than 7 million that were lost in the recession and 13 million more that will be needed as the population expands.
"It's about preserving the American Dream for this and future generations through low taxation, reasonable regulations, a doubling of American exports, and free and vibrant capital markets," said Tom Donohue, the Chamber's president and chief executive. "Washington, by taking the steps necessary to avoid a new Great Depression, has done its part. Now it's time for government to assume its traditional, limited role. Economic growth and recovery will come from the bottom up, not from Washington down."
The task might not be an easy one as highlighted by recent dissension from within the Chamber's own membership ranks.
At least five companies, including Apple, Nike, California power company PG&E, have quit or downgraded their membership over the Chamber's hostility towards proposed government legislation to attack global warming. One faulted the group for its "extreme rhetoric and obstructionist tactics" after it called for "Scopes monkey trials" on climate change science.
The Chamber has played down the defections, saying that it remains strong, with the vast majority of the more than 3-million large and small businesses that make up its membership supporting its stance on climate change.
Still, the group is likely to face an increasingly tough time pleasing all of its members as it goes to battle in Washington.
Barack Obama, the U.S. president, on Friday blasted the Chamber for its US$2-million advertising campaign aimed at defeating the U.S. government's plan to create a special agency to protect consumers. The Chamber also has challenged the Obama administration on healthcare.
Wednesday, the group touted its free enterprise campaign as the most significant in its nearly 100-year history. It has brought Brian Gunderson, a former key official in the Bush administration, on board to head up the effort.
The Chamber spent the past few months criss-crossing the country to build support through "listening sessions" and raised more than US$100-million for the campaign.
So far this year, the Chamber has spent more than US$17-million to lobby U.S. Congress.
Besides reaching out to politicians in Washington, the new campaign also will target university students.
Many young Americans think "socialism is better" than free enterprise, Mr. Donohue told reporters at a press conference to outline the new effort. "Every system has its warts, we just think the warts on this system are a hell of a lot better than any others."
-- with a file from Dow Jones Newswires
Websource:
http://www.financialpost.com/news-sectors/economy/story.html?id=2103412
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