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Intel CEO warns of US technology 'erosion' - PC Retail

Intel CEO warns of US technology 'erosion'

Otellini: 'the next big thing will not be invented here'
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Intel boss Paul Otellini took the stage at the Technology Policy Institute Aspen Forum to blast the costly US legal environment.

Speaking at an Aspen Forum dinner, Otellini delivered a stern warning to attending Washington officials that unless government policies were altered "jobs will not be created here," he said. 

Otellini said that the US in turn was facing a decline in the local technology industry with "an inevitable erosion and shift of wealth, much like we're seeing today in Europe," according to a CNET Politics & Law report.

Criticising the US administration's Keynesian policy of economic stimulus, the Intel boss said that he thought the government did not understand how to create jobs. "They're in a 'Do' loop right now trying to figure out what the answer is," Otellini said.

"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 said, before going on to say that the the majority of the costs were taxes and regulations which don't exist in other countries.

Image credit: Intel

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