Debt Crises Not A Damper For Some U.S. Businesses | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Debt Crises Not A Damper For Some U.S. Businesses

Despite concerns about Congress and the European debt crisis, most U.S business owners remain optimistic and expect growth to continue this year, the heads of both General Electric and FedEx said Thursday.

"There's still a lot of growth," GE CEO Jeff Immelt told about 600 executives attending a conference on middle-sized businesses. "It's a long, slow recovery ... but it is getting better."

FedEx CEO Fred Smith agreed, saying that shipments of goods continue to reflect a growing economy. "We don't see a contraction," Smith said, "just slow growth; steady as she goes."

Immelt, who serves as chairman of President Obama's Council on Jobs and Competitiveness, and Smith were featured speakers at the "Leading from the Middle" conference, focused on businesses with annual sales of $10 million to $1 billion. That group covers about 200,000 firms, with 41 million jobs. GE sponsored the event in partnership with Ohio State University's Fisher College of Business.

Immelt said GE's customers have "a lot of cash ... and a fair amount of optimism." But growth is being restrained by worries that the European debt crisis could evolve into a global banking crisis, and that political paralysis will prevent Congress from taking actions to help businesses.

"Congress doing just one bipartisan thing would help" build confidence by showing that the political process is not completely broken, Immelt said.

Smith also said Congress' inaction is restraining growth. Existing policies on taxes, trade, energy and regulations are "optimally designed to impede growth," he said.

Still, based on goods being shipped, Smith expects holiday retail sales to grow by 2 to 3 percent. That would be down slightly from last year, but still positive, he said.

The evidence of business optimism is showing up in the bellies of FedEx planes. "People are voting with their shipments," he said.

Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Mary Ellen Mark And The Caged Prostitutes Of Mumbai

The photographer, who died this week, turned her lens on the marginal people of the world. One of her most acclaimed projects was her series of photos taken in the brothels of Mumbai.
NPR

Trickster Journalist Explains Why He Duped The Media On Chocolate Study

John Bohannon, the man behind a stunt that bamboozled many news organizations into publishing junk science on dieting, talks to NPR's Robert Siegel about why he carried out the scheme.
NPR

Former Maryland Gov. Martin O'Malley To Seek Democratic Nomination

O'Malley, also a former Baltimore mayor, has made no secret of his desire to run, despite his lack of a national profile. He faces an uphill battle against front-runner Hillary Clinton.
NPR

Tech Giants Compete ... For Your Vacation Albums

With ballgames, family reunions and trips to the beach, summer is full of chances to snap photos. Apple and Google are in a battle to help you store, organize and share all those visual mementos.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.