The debate between Republicans and Democrats on the merits of last year’s $787 billion stimulus package has been going on for a long time, with the former arguing that it was wasteful spending that failed to restart the economy. Now it looks like some business leaders agree with this point of view.
In a recent interview with CNN Money, Intel CEO Paul Otellini stated that the stimulus effort did not improve the economic climate or create the jobs it was expected to.
In particular, Otellini focused on the government's apparent predilection for sponsoring short-term projects, saying that "swimming pools in Mississippi are not going to create lasting jobs," quoted by the news provider.
He also recommended that the government lower corporate business taxes and move away from subsidizing sectors such as transportation and agriculture, which he called "industries of the 19th century." Instead, it should devote funds and create policies, in particular education reform, to promote further development of biotechnology and IT sectors.
According to the Congressional Budget Office, the Federal budget deficit in the first 11 months of fiscal year 2010, which ends on Sept. 30, amounted to nearly $1.3 trillion.