No, the Chairman of Media Platforms at Clear Channel Communications isn’t throwing his hat into the political ring, but Bob Pittman did have plenty of advice for President Barack Obama when asked by Fox News Channel host Neil Cavuto as Pittman appeared Wednesday (8/24) on Cavuto’s “Your World” program.
“You’ve got to get more people working – and you’ve got to get people who have money to spend it,” Pittman said of the primary advice he would offer the President.
The “Father of MTV” and former COO of AOL – to name just two of the entrepreneurial ventures that Pittman was involved in – refused to take sides in the current tax policy battle on Capitol Hill, but he did say that tax policies need to be designed to encourage business start-ups.
Pittman berated the nation’s political leaders for a “confused policy” as they fight over whether to encourage business growth or raise the capital gains tax “which discourages investment in businesses.” Asked why many CEOs are hesitant to spend cash today, Pittman said they were scared by the experience of the recent recession, where many businesses unexpectedly found themselves out of covenant compliance on their loans.
Pittman also put in a pitch for the fuel which drives Clear Channel and other broadcasting companies. “On the demand front, advertising works. How do you get businesses comfortable spending money on advertising to create demand for their products? The more products people buy, the more jobs there are in those companies.”