Business Anticipates a Boost from Bush Win ; They Look for More Tax Relief, Looser Regulations, and an Increase in Trade
Ron Scherer writer of The Christian Science Monitor, The Christian Science Monitor
As Sen. John Kerry ran against President Bush he railed against "outsourcing" by companies. So, it's not surprising that Jay Whitehead, the publisher of magazines on the issue, was anxiously waiting to see if President Bush won reelection.
If he did, he would launch two new outsourcing magazines - one on financial accounting and another on healthcare. Now those publications have a green light. "We wanted to make sure we had a friendly environment," says Mr. Whitehead, who expects the business climate over the next four years to be "extremely favorable."
Whitehead probably isn't alone in his sigh of relief. Other business owners worked hard to get the president reelected, seeing Mr. Bush as a friend, a fellow chief executive officer, sympathetic to their concerns about short-circuiting tougher environmental legislation and trying to rein in healthcare and legal costs. They are eager to see the president continue to tinker with the tax code. They hope to mount another push to get drilling rigs in the Arctic. And with the final tally complete, they can get back to making money - with little prospect it will be taxed at the rate Senator Kerry wanted to use.
"We're very pleased," says Mike Baroody, executive vice president of the National Association of Manufacturers, which registered 800,000 new voters through a political action committee.
Wall Street, which watched a 101 point rally in the Dow on Wednesday, is already highlighting possible winners, including such sectors as telecommunications (relaxed rules on media conglomeration), utilities, and coal mining (looser environmental regulations). Drug companies may see their patents extended and receive protection from cheaper imports. Kerry's proposal to hike the minimum wage may be dead, which will help low-end retailers. "This administration will be more pro-business than Kerry," says Jose Rasco, an economist at Merrill Lynch & Co. …