Fmr. Verizon Wireless CEO: Cutting Corporate Taxes Will Create Jobs

Denny Strigl on president's jobs council, economic growth


This is a rush transcript from "Your World," October 12, 2011. This copy may not be in its final form and may be updated.

ERIC BOLLING, GUEST HOST: All right, if the bulk of these guys is behind the president, is there any way that they’ll buck the president’s plan?

Denny Strigl is the former CEO of Verizon Wireless. Sir, so, look, you’re a big-time CEO. You raise a lot of money for the president. He puts you on his job council and he says this is what I want to do. I want to go around Congress. What do you say to him?

DENNY STRIGL, FORMER PRESIDENT AND CEO, VERIZON WIRELESS: Well, that’s what he’s going to get. He’s going to get around Congress.

Listen, Eric, here is the disturbing issue here. If the people on this jobs council were appointed to this jobs council on the merits, wouldn’t they be with companies that, in fact, have created jobs? Of the top 10 corporations on this jobs council, the fact of the matter is that 91,000 jobs have been lost over the last 24 months.

BOLLING: We have a screen, guys. Throw up the screen of Jeffrey Immelt and the other two.

Immelt’s very interesting to me. We know what is going on in GE. Number one, they didn’t pay any corporate income tax in America. Number two, over the course of Jeffrey Immelt’s 10 or 11 years as CEO, he has outsourced somewhere around 20,000 American jobs to foreign countries. Yet he finds himself heading the jobs council.

STRIGL: Eric, let me add to that. Citibank, also on that council, lost almost 63,000 jobs in the last couple of years.

Now, wouldn’t you think people would be chosen on the merits? Wouldn’t you think that the president would want people such as the 11 CEOs who just three weeks ago wrote the president a letter and said, Mr. President, cut taxes and reform the corporate tax structure? Wouldn’t they be on this panel?

BOLLING: Why are so many of the names of the people on the jobs council, why are they always -- it seems like they’re all with big corporations, big unions, big groups. What about the small business guy, who really is the job creation engine in America?

STRIGL: Well, exactly right.

Isn’t it the small businesses that create jobs in the United States? Of course they do. This is the first place where jobs will get back on track. It’s with the entrepreneurs. And what is happening is the congressman said it, Chris said it, people are afraid to act and they don’t know what’s coming next.

BOLLING: How do you take it? You watch the Senate vote down the $447 billion jobs proposal, the way they named it, yet, the very same day, he’s on a podium saying, we’re going to get this through, we’re going to get this through.

What does that tell you?

STRIGL: What it tells me, first of all, is that this job council is for appearances.

Look, what the job council talked yesterday in the way of interim solutions was almost exactly what they presented last June. If the president and the administration were really serious about creating jobs in this country, they would listen to what people have been telling them over and over and over again. Cut corporate taxes, eliminate the regulatory morass that we have in this country, and, by the way, repeal Obamacare. How many times do people have to say it?

BOLLING: I don’t know. It’s a 27-member jobs council. I’m guessing there would be 27 votes against that. But I’m just guessing.

Denny Strigl, they didn’t contact you about being on the jobs council, I take it.

STRIGL: No, sir, I’m sorry to say.

BOLLING: Thank you for your time.

STRIGL: Thank you.

Content and Programming Copyright 2011 Fox News Network, Inc. Copyright CQ-2011 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.