DETROIT, January 13, 2009 — In a speech at the Detroit Economic Club today, U.S. Chamber of Commerce President and CEO Thomas J. Donohue told business leaders that implementing the stimulus bill, reviving key industries, restoring credit and confidence, and resisting isolationism are among the key steps to revitalizing the economy.
“These are tough times and we face enormous challenges,” Donohue said. “But these challenges aren’t as big as the will, determination, and ingenuity of the American people.”
Donohue outlined a plan to restore economic growth and create jobs by acting swiftly but thoughtfully, focusing on solutions that work and not getting distracted by political rhetoric. He highlighted the Chamber’s support for a commonsense stimulus plan that will keep responsible mortgage-holders in their homes, and spoke out against unreasonable restrictions on business travel, which he said was having a devastating impact on the travel and tourism industry.
“It’s great sport for politicians to attack CEO salaries, so-called corporate boondoggles, and outrageous bonuses, but that won’t create a single job or put a single American back to work,” said Donohue.
Policymakers must focus on helping critical industries, such as carmakers, housing, and travel and tourism, according to Donohue. “It’s clear that automakers must be able to exercise every option to ensure their long-term viability and profitability, including mergers, rewriting union contracts, and reorganization under bankruptcy laws. What we must not do is establish a repeated pattern of endless bailouts.
“At this critical moment, we need the best and brightest we have in government, business, and the regulatory agencies to fix what went wrong and restore our capital markets to full vitality,” he said.
Donohue argued protectionist measures would only hurt the U.S. economy—the world’s largest exporter—as well as violate America’s commitment to global trade rules.
The complete speech is available at:http://www.uschamber.com/press/speeches/2009/090212_tjd_stimulus
The U.S. Chamber is the world’s largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.