Oracle chief wants to impose tariffs on goods originating from China and India
The Oracle co-founder and CEO Larry Ellison has a dismal view on the future of the U.S. economy and sees no recovery in sight.
“Somebody said it’s going to be an L-shaped recovery: down, not coming back. I believe that,” said the software executive.
Ellison argues that the U.S. consumer is so deeply in debt that the economy will not come back at least before 5-years; during which the U.S. economy will not be the world’s engine of growth as used to be, while U.S. consumers start saving to pay off their debts.
The Oracle CEO also expects a higher tax regime to pay for some of the Obama’s administration initiatives.
“I’m surprised that there are so many huge spending programmes, like the stimulus package ($800 billion), the health-care bill ($1 trillion), cap and trade ($1 billion)… There are a lot of things that is going on right now that make me believe that we’re not going to have a rapid recovery,” adds Ellison.
Follows, is the video excerpt of Larry Ellison on the state of the economy:
Oracle CEO favours tariffs on imported goods from India and China
Ellison also explained that the U.S. should impose tariffs on imported goods along with its decision to adopt the cap and trade programme.
“Because you can’t suddenly say that energy is going to be very expensive in the U.S. which would send manufacturing overseas and without having tariffs on things coming back to the U.S. for countries like India and China who said very clearly that they have no interest in monitoring their CO2 output until they have the same per capita CO2 output as the U.S… As a results, China will be able to increase their CO2 output by a factor of 4,” adds Ellison.
Follows another video excerpt where the Oracle CEO talks about imposing tariffs on goods coming from India and China:
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