I never thought the day would come, but China is now a more stable and safer place to invest than here in America.
Steve Wynn is an American casino resort and real-estate developer with a net worth of $1.5 billion dollars. He is widely known for his Las Vegas resorts that include the Golden Nugget, The Mirage, Treasure Island, Bellagio, Wynn and Encore. He would like to invest here in the United States, creating jobs and reducing unemployment…but Mr. Wynn, and most businessmen like him, will not. China, that’s where the jobs will be created now.
“Macau has been steady, the shocking, unexpected government is the one in Washington, that’s where we get surprises every day, that’s where taxes are changed every five minutes, that’s where you don’t know what to expect tomorrow,” says Mr. Wynn.
In this scalding rant on the Obama administration, Mr. Wynn reaffirms “regime uncertainty,” a topic I discussed in a post you can find by clicking here. Like many other investors, Mr. Wynn has chosen to invest his time and money in Macau and China, as the United States has simply become too politically unstable and unfriendly to business and investors. No investment means no new jobs.
Obama has banned offshore oil drilling for six months, imposed new taxes and regulations on businesses, burdened those same businesses with his health care reform bill, strapped the American consumer with higher taxes and lower incomes, is destroying the dollar, rapidly expanding the national debt and increased the strength of organized labor.
Businesses and investors in the U.S. are paralyzed.
The unpredictability of government due to Obama makes any investment in America a risky one. So investments, and the jobs it creates, will simply leave America for greener…more stable pastures, like China.
Categories: Government Failures