Obama Calls Tim Cook For Advice On How To Avoid ‘Fiscal Cliff

Obama Calls Tim Cook For Advice On How To Avoid ‘Fiscal Cliff

President Barack Obama has called Apple CEO Tim Cook alongside other Fortune 500 chiefs to discuss economic growth and the looming “fiscal cliff.”

The fiscal cliff is a popular buzz term right now, which essentially refers to a number of laws which will soon either expire or go into affect that will result in a sudden increase in the number of tax increases and spending cuts, which could lead to recession. An example of such laws are the expiration of Bush-era tax cuts.

The so-called fiscal cliff is one of the most immediate problems President Obama has to deal with, so it’s no wonder he’s speaking to some of America’s most successful and influential businessmen, sounding out what they want to see happen to keep encouraging growth in the United States over the next few years.

It’s unknown what specific concerns Tim Cook raised with the president, but if history is anything to go by, one of Cook’s goals would be to lobby Obama for a tax holiday in order to bring more than $80 billion of the company’s war chest back home from overseas.

Cook is not the first Apple CEO President Obama has been chummy with. Steve Jobs and President Obama famously met and had dinner together before the Apple co-founder died in October 2011.

  • Koban4max

    Obama can’t solve his problem? He had to ask cook? He has no plan.

  • Zod Buster

    Tim Cook??
    25% drop in stock in 2 months

  • billsweatt

    Well, this is all for show. After all:

    Obama had always had a high estimation of his ability to cast and run his operation. When David Plouffe, his campaign manager, first interviewed for a job with him in 2006, the senator gave him a warning: “I think I could probably do every job on the campaign better than the people I’ll hire to do it,” he said. “It’s hard to give up control when that’s all I’ve known.” Obama said nearly the same thing to Patrick Gaspard, whom he hired to be the campaign’s political director. “I think I’m a better speechwriter than my speechwriters,” Obama told him. “I know more about policies on any particular issue than my policy directors. And I’ll tell you right now that I’m gonna think I’m a better political director than my political director.”

  • brownlee

    Obama can’t solve his problem? He had to ask cook? He has no plan.

    This might shock you, but being a good politician involves asking other people what they think.

  • jeffythequick

    Here’s a thought:

    Spend less than you are taking in.

    Call me crazy, but that will solve two problems: The debt and the deficit.

  • billsweatt
    Obama can’t solve his problem? He had to ask cook? He has no plan.

    This might shock you, but being a good politician involves asking other people what they think.

    President Obama was re-elected. Elected again. For a second term. That means he has already served for 4 years. And he still has no plan after those 4 years. In my opinion – and feel free to criticize it, I believe it’s because the actions that would help the economy are completely incompatible with the tenents of the Democratic Party. They are wrong on everything financial. You may or may not agree with their cultural policies, but their economics are just dead wrong.

  • ActionableMango

    “Buy Apple stock.”

    -Tim

  • SpacekatGal

    I really just can’t enough Republican hateboner first thing Monday morning. Let’s just take a step back from cognitive dissonance for 3 seconds, okay? A. Republican policies such as two unfunded wars and Medicare Part D most heavily contributed to the crisis. Secondly, the deficit has gone down under Obama.

    Thirdy – why are we even facing a fiscal cliff? Because the Republicans are so fanatically in the thrall of rich special interests that they are willing to destroy the credit of the United States and run up the deficit to stop them from paying their fair share. You may not want to hear it, but these are three absolute facts.

    I’m all for listening to people in industry about how to handle this. Let’s hope they use their influence to bring the Republicans back to reality.

  • strangemax

    Don’t forget he asked Steve Jobs before he died and apparently didn’t like the answer. Google what Steve Jobs told Obama. So why ask again? It’s all for show, his real plan is to bring down the middle class and redistribute wealth. Google Saul Alinsky, Obama’s mentor.

  • jahsoul

    Don’t forget he asked Steve Jobs before he died and apparently didn’t like the answer. Google what Steve Jobs told Obama. So why ask again? It’s all for show, his real plan is to bring down the middle class and redistribute wealth. Google Saul Alinsky, Obama’s mentor.

    I Google searched and if I read correctly, he wasn’t talking about anything that would help the economy per se. He was talking about helping big business. True enough, I believe that there need to changes with regulation but people who pay attention to the economy would know that there was only 2 differences in the approach to the economy between Clinton and Bush

    1. This “war on terror” and the idiotic policies that followed
    2. Tax cuts

    They both had similar budgets. One just spent more and that is where the issue comes in at. Spending more than you have every year.

    @SpacekatGat – I didn’t even know what you had written until a second ago but you are right about one, wrong about one, and probably totally blind to the fact on another.

    1. You are correct in saying that 2 wars were a major contributor but they were funded and the current president supported it. On another note, if those wars were unfunded, so is ObamaCare.
    2. Bush tax cuts hurt the economy way more than Medicare Part D. Taxes are a major source of revenue in the country and it fights against the deficit.
    3. The deficit has gone down slightly under Obama but that is because the debt ceiling was raised, which in turned, downgraded the countries credit rating. On the flip side, the Obama administration has created more debt than Bush.

    And on your thirdly comment, in situations like the so called “fiscal cliff,” blaming a party is ridiculous when both of them are a lot closer than you thing. The republicans support a police state and the democrats support a welfare state. Both a unsustainable. No, this so called fiscal cliff is the cause of spending more than we have, going into unnecessary and sometimes invisible wars, being the police of the world, aligning ourselves with allies who believe in a 1 way street, and creating more and more unsustainable and Un-Constitutional social programs.

    Really, how many people talk about taxing the rich but in the same breath, looking into loans and mortgages with artificially low interest rates? You (not you SpacekatGal but a general “you”) are a contradiction.

  • Koban4max
    Obama can’t solve his problem? He had to ask cook? He has no plan.

    This might shock you, but being a good politician involves asking other people what they think.

    it’s pretty shocking when he doesn’t use his own advisors…common brown…he’s asking cook for an advice whether he should buy mini or iPad 4 or wait.

  • Koban4max
    Obama can’t solve his problem? He had to ask cook? He has no plan.

    This might shock you, but being a good politician involves asking other people what they think.

    also..being a good politician doesn’t mean to be manipulated by others..it’s about thinking for yourself…

  • HerbalEd

    When a big decision must be made by the president of USA, fortune-500 CEO, small business owner, or even the average Joe/Jane, the decision maker should seek opinions from various sources … including the opinions of those he/she normally does not agree with. However, in the end, the final decision should be made by the decision maker him/her-self.

    Unfortunately too many people are too proud or arrogant or stupid to do so.

About the author

John BrownleeJohn Brownlee is a Contributing Editor. He has also written for Wired, Playboy, Boing Boing, Popular Mechanics, VentureBeat, and Gizmodo. He lives in Boston with his wife and two parakeets. You can follow him here on Twitter.

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