There are many varying reasons why the economic recovery from the 2001 recession has been tepid, to say the least.
But one reason that never gets much mention is that, simply put, Bush's foreign policy decisions have created a horrible atmosphere for multinational companies to achieve growth.
In other words, because of Bush and his arrogant foreign policy decisions and attitude, people around the world don't like us, and because they don't like us, they don't buy our products and they don't want to do business with us.
In part because of this, the US now has the largest trade deficit in it's history, and there are no signs of this abating soon.
Need further proof they don't like us?
Check out the recently released GMI world poll of consumer sentiment in Europe.
GMI World Poll: Half of European Consumers Distrust American Companies
World Poll
SEATTLE--(BUSINESS WIRE)--Dec. 27, 2004--American multinational
companies will need to mount a valiant effort to distance themselves
from the image of the U.S. federal government and its unpopular
foreign policies in the New Year or risk continued brand erosion and
ongoing boycotting by European and Canadian consumers, according to
independent market research solutions company GMI, Inc.
(
http://www.worldpoll.com).
"Some American brands become closely connected to their country of
origin and are quintessentially American. They represent the American
lifestyle, innovation, and foreign policy," explains Dr. Mitchell
Eggers, COO and chief pollster at GMI.
GMI World Poll data finds international consumers' anti-American
sentiment, as a result of recent foreign policy, negatively impacts
U.S. multinational companies closely branded as American. Key findings
include:
-- 62% of European and Canadian consumers think U.S. foreign
policy is guided by self-interests and empire building; 1/3
indicated that U.S. foreign policy most influenced their image
of America
-- 61% of French consumers and 58% of German consumers felt
negatively towards American companies; 47% of European and
Canadian consumers disliked how Americans do business
-- 20% of European and Canadian consumers indicated that they
consciously avoid American products because of recent U.S.
foreign policy
-- 50% of European and Canadian consumers distrust American
companies
A direct correlation exists between how closely European and
Canadian consumers associate companies with the U.S. and the
likelihood they'll avoid purchasing their brands. For example:
-- The American government and President Bush were labeled as
arrogant and self-centered by consumers; UN Secretary General
Kofi Annan was characterized as conventional and reserved
-- AOL, Exxon Mobil and Starbucks were labeled arrogant,
intrusive and self-centered; according to the study, they were
also among the brands most likely to be boycotted
"For the New Year, American companies need to focus on adding yet
more value and repositioning their brands to consumers; they need to
focus on alignment with international markets and embrace their market
differences and idiosyncrasies," explains international marketing
expert and co-author of Working with Americans ((C) 2002 Financial
Times Prentice Hall) Allyson Stewart-Allen.
GMI World Poll questions are designed to solicit opinions on
numerous topical issues and critical global events. GMI surveys use
highly profiled double opt-in panels from more than 500 global sources
to help achieve 97% accuracy in their statistical results.
--30--APS/se*
CONTACT: The Frause Group
Richard Kendall, 206-352-6402
One word comes to mind:
Ouch
Another thought that comes to mind is, why doesn't the media in the US care about this?
One of the great drivers of economic growth during the 90's was growth overseas. Free trade was burgeoning and American companies were taking advantage of opportunities overseas.
Since Bush has taken office, this trend has greatly diminished. Many American companies are cutting back their overseas operations and hardly any are expanding anymore.
The result is that protectionism on the part of other countries is starting to take root and could quite soon make our trade imbalance a very large problem.
Peace=Profits
War=Stagnation