Eric Schmidt: 'Ludicrous' That Congress Won't Pass Another Stimulus

Eric Schmidt

Photo: Asa Mathat | All Things Digital

In an interview with Christiane Amanpour, on ABC’s “This Week,” Google executive chairman Eric Schmidt blamed partisan bickering and the resulting uncertainty for slowing the economy’s recovery.”The real problem is not the business community. The real problem is: The Democrats and the Republicans fight for one point or another in a political sphere, while the rest of us are waiting for the government to do something concrete and predictable. What business needs is predictable, long-term plans. We need to know: Where is government spending going to be, what are the government programs going to be? And off we go.”

“Business can create enormous numbers of new jobs in America. All we need to see is more demand. What’s happening right now is: Businesses are very well-run, they have a lot of cash. They’re waiting for more demand. At the moment, business efficiency allows them to grow at 1 or 2 per cent, which is what we’re seeing today. They don’t have to hire more people. And until we solve the problem, people are going to sit idle. And it’s a real tragedy.”

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