A famous quote by one President Coolidge states that the primary business of American citizens was business (Grechie, 2013). This statement insinuates the significant role played by firms in the American economy. Because of businesses’ significant impact, it is only logical that it undergoes government regulation. Each government usually puts in place, some legal environment that regulates business and business practices. These legal conditions covered under the business law include taxation, consumer protection law, commercial crimes, bankruptcy, contract law, labor law, securities law, etc.
Former president of the US, Barack Obama, and the current US president Donald Trump have very conflicting business views. During Obama’s presidency, many businessmen claimed that he ‘demonized businesses,' they called him the most anti-business president in the entire American history. His ‘anti-business’ actions allegedly discouraged investment and sapped job growth. These actions include expanding government control over autos, investments, energy, home mortgages, etc. He also revised the bankruptcy code, possibly denying banks the ability to repay their bailout money – a bank could only give back people’s money after undergoing clearance of the Fed’s Stress Test. The former president deemed business as something communal; his socialist beliefs greatly cost the American businessmen.
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President Donald Trump, on the other hand, had pro-business policies which have helped him achieve quite the economic success within his 100 days in the office. So fat, his important reforms to the financial world has led to tremendous growth of the stock market, and a decrease in unemployment rates. President Trump has made a promise to roll back regulations and cut taxes, establish trade policies that put America first. Despite all these achievements and promises, the Trump government is continually damaging and degrading the country’s business and investment environment by bullying CEOs who don’t do as he wishes, e.g., with Boeing and Amazon. His poor relations with Congress has also made tax reforms less likely every day.
Obama might have been unfriendly to businesses executives, but Donald Trump is proving to be their real enemy (Chapman, 2017).
References
Greechie, S. (2013) Role of Government in Business. Houston Chronicle. Retrieved from http://smallbusiness.chron.com/role-government-business-803.html
United States of America. U.S. Courts. Reorganization Under the Bankruptcy Code. Retrieved from http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx
Milton Friedman - Big Business, Big Government. [YouTube Video] Retrieved from https://www.youtube.com/watch?v=R_T0WF-uCWg
Chapman, S. (2017, August 20). Trump vs. the Business Community. Retrieved from http://reason.com/archives/2017/08/20/trump-vs-the-business-community
