Is Obama destroying America’s high-tech industry?

Posted by STARR KESHET

Intel CEO Paul Otellini believes the US legal environment under the Obama administration has become openly hostile to business.

Unless government policies are altered, "the next big thing will not be invented here...and jobs will not be created here,” he warned in a statement quoted by CNET.

According to Otellini, the US currently faces a huge tech decline, along with the prospect of "an inevitable erosion and shift of wealth,” much like in Europe.

Is Obama destroying America’s high-tech industry?"This is the bitter truth...I can tell you definitively that it costs $1 billion more per factory for me to build, equip, and operate a semiconductor manufacturing facility in the United States."

Otellini - who is no stranger to political controversy - previously opined that America had clearly lost its leadership position in the tech world.

"Our research centers were without peer. No country was more attractive for start-up capital...We seemed a generation ahead of the rest of the world in information technology. That simply is no longer the case."

Meanwhile, Chris Marangi of Gamco Investors told CNET that capital is "agnostic" and doesn’t care where it operates. 

"It doesn't have a religion. It doesn't have a philosophy. It goes where it finds the highest returns...and [many other] countries have a more friendly regulatory regime than we do."