Notice Buckley said Canada as well as Mexico. Canada is in the process if lowering its corporate income tax to 16.5% (the USA is 35%). Canada is in the midst of a free-market awakening and wealth is flocking to Canada. They are slowly privatizing their health care system and streamlining their regulatory structure. Canada has realized that as the United States socializes that the wealth will flee, so they are making sure that the wealth does not have far to go.
(Reuters) – The chief executive of diversified manufacturer 3M Co called President Barack Obama anti-business in an interview with the Financial Times, arguing that manufacturers could move to Canada or Mexico as a result.
“We know what his instincts are — they are Robin Hood-esque,” 3M CEO George Buckley told the paper. “He is anti-business.”
Obama is working to shed the reputation that he is against the business community. Earlier this month, he assembled a group of top U.S. executives, chaired by General Electric Co Chief Executive Jeffrey Immelt, to advise him on economic matters.
He also brought on JPMorgan Chase executive William Daley as his chief of staff and made a high profile speech to the Chamber of Commerce, a business lobby, earlier this year.
But Buckley said he was not yet convinced by Obama’s actions.
“Politicians forget that business has choice. We’re not indentured servants and we will do business where it’s good and friendly. If it’s hostile, incrementally, things will slip away. We’ve got a real choice between manufacturing in Canada and Mexico — which tend to be pro-business — or America,” he told the Financial Times.
Inded GE’s Immelt has been sending jobs to China while encouraging Obama to do more of the same.