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January 31, 2023

Jim Turley Wasn’t Impressed with the State of the Union

The Ernst & Young Global CEO chimed in di-rectly from Davos.

President Barack Obama’s State of the Union address failed to convince executives and economists at the World Economic Forum’s annual meeting that he’s serious about taming the U.S. budget deficit.

Hours after Obama used the speech to propose a partial freeze on government spending, delegates at the conference in Davos, Switzerland, said the U.S. is lagging foreign counterparts in cutting a budget deficit of more than $1.2 trillion.

“There is an unwillingness to deal with the real gorilla in the room,” said Martin Sorrell, chief executive officer of advertiser WPP Plc. James Turley, CEO of Ernst & Young LLP, said, “we need a heck of a lot more action on it” and that Obama’s speech “lacked details.”

The Ernst & Young Global CEO chimed in di-rectly from Davos.

President Barack Obama’s State of the Union address failed to convince executives and economists at the World Economic Forum’s annual meeting that he’s serious about taming the U.S. budget deficit.

Hours after Obama used the speech to propose a partial freeze on government spending, delegates at the conference in Davos, Switzerland, said the U.S. is lagging foreign counterparts in cutting a budget deficit of more than $1.2 trillion.

“There is an unwillingness to deal with the real gorilla in the room,” said Martin Sorrell, chief executive officer of advertiser WPP Plc. James Turley, CEO of Ernst & Young LLP, said, “we need a heck of a lot more action on it” and that Obama’s speech “lacked details.”

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