I’ve been confused lately about what “business uncertainty” means.
We heard the term during the health-reform debate. And the banking-regulation debate. And the Bush tax-cut debate. And the debt-ceiling debate.
Is it uncertainty that’s causing our economic problems? Is that the main reason companies are sitting on more than $2 trillion in cash instead of hiring workers?
Or is it simpler than that, namely the lack of demand from scared consumers, who make up 70 percent of the economy?
To try to find out, I sat down with someone who has a unique vantage point — a CEO of a Sandy Springs company that operates in 220 countries.
I know Scott Davis of UPS to be a plain-talking, reasonable man. That must be why President Obama asked him and three other CEOs to lunch at the White House recently to discuss how to create more jobs.
So, Mr. Davis, is uncertainty standing in the way of putting people back to work, or is insufficient demand the culprit?