1-800-Flowers founder Jim McCann on how the regulatory environment has slowed down GDP growth.
The U.S. economy is barely growing. The latest reading on second quarter GDP came in at an anemic 1.2% pace.
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Many economists and chief executives, including the founder of 1-800-Flowers Jim McCann, have been pointing to overregulation for stifling growth.
“For the last couple of years, when you’ve had gridlock, we’re struggling to get to 2 percent growth. But if you put that in contrast to the rest of the world, that’s pretty good”, said McCann during an appearance on FOX Business Network’s Wall Street Week. “I think if we had a little better regulatory environment and a little less handcuffs on us, we could see this economy grow 4 percent. And that’s without any great change in fiscal policies” he added.
McCann did point to one fiscal policy that would have a positive impact on growth.
“A change in the tax rate at the corporate level, would be important and simulative, rather than punishing companies who try to manage their tax rates – let’s do it by good fiscal policy.”
Earlier this week New York Fed President William Dudley told FOX Business the U.S. employment picture was firming enough for policymakers to possibly raise interest rates as soon as September, depending on an uptick of inflation and other economic data points.
“As a small businessperson, we benefit from the rate environment” said McCann. “And frankly, when I hear you talk about the Fed — the Fed rate rates, I wish they’d raise it a quarter already, so I don’t have to hear you guys talking about it all the time.”