MDC's Nadal: U.S. Biz Leaders Want GOP 'Landslide' This Fall
Another Adland holding company CEO has weighed in on the upcoming U.S. presidential election.
Miles Nadal told the Washington Post that the consensus at a recent gathering of more than 100 business executives was that the best result for the economy would be a “Republican landslide.”
The reasoning is that with one party in control of both the White House and Congress (not likely to happen with an Obama victory) laws could be passed that would keep the country out of another recession -- for a while, anyway.
The Post noted a recent Congressional Budget Office estimate that the economy would take a $607 billion hit in 2013 if Congress remains in gridlock and various tax cuts expire as a number of spending cuts kick in, smacking consumers and businesses alike with a one-two punch.
Meanwhile, John Boehner, Speaker of the U.S. House of Representatives, has signaled that he’s preparing for another debt-ceiling showdown that -- combined with other economic turmoil -- would crush consumer confidence, per the Post.
Nadal is the second holding company CEO to offer an opinion on the upcoming election. Earlier this year, Sir Martin Sorrell, CEO of WPP, told CNBC it was likely that President Obama would be re-elected. A short time later, when it issued first-quarter revenue results, the holding company noted that the result would be continued “legislative gridlock” and a potential threat to the economy in 2013.
So far, none of the U.S.-based holding company heads have weighed in with a public opinion about the upcoming election.