Fred Smith, the founder, chairman, CEO and president of Memphis-based FedEx Corp., thinks the most substantial action the U.S. can take to stimulate the economy is two-fold.
First, we need to continue to promote the production of U.S. energy.
“When we produce a barrel of oil or natural gas in this country, we get about 80 or 90 percent of the benefit,” Smith told Fox News’ Bret Baier. “If we have to import energy, it’s about a dime. So it has a multiplier effect on our economy.”
Secondly, Smith said the nation’s corporate tax code needs to be reformed.
“It’s unfair, it’s not productive. Most importantly, it dissuades capital investment and capital investment is almost perfectly correlated with job creation,” Smith said. “That’s why we still have very high unemployment relative to past recoveries.”
Get the full scoop – including Smith’s thoughts on moderate GDP growth, China’s big changes ahead, and his daughter Molly’s movie productions – by clicking on the image below.