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Zuckerman: Obama stimulus most benefited municipal unions.


Billionaire newspaper mogul explains why he can no longer support Obama.

From Wall Street Journal…

‘It’s as if he doesn’t like people,” says real-estate mogul and New York Daily News owner Mortimer Zuckerman of the president of the United States. Barack Obama doesn’t seem to care for individuals, elaborates Mr. Zuckerman, though the president enjoys addressing millions of them on television.

The Boston Properties CEO is trying to understand why Mr. Obama has made little effort to build relationships on Capitol Hill or negotiate a bipartisan economic plan. A longtime supporter of the Democratic Party, Mr. Zuckerman wrote in these pages two months ago that the entire business community was “pleading for some kind of adult supervision” in Washington and “desperate for strong leadership.” Writing soon after the historic downgrade of U.S. Treasury debt by Standard & Poor’s, he wrote, “I long for a triple-A president to run a triple-A country.”

His words struck a chord. When I visit Mr. Zuckerman this week in his midtown Manhattan office, he reports that three people approached him at dinner the previous evening to discuss his August op-ed. Among business executives who supported Barack Obama in 2008, he says, “there is enormously widespread anxiety over the political leadership of the country.” Mr. Zuckerman reports that among Democrats, “The sense is that the policies of this government have failed. . . . What they say about [Mr. Obama] when he’s not in the room, so to speak, is astonishing.”

At that time he supported Mr. Obama’s call for heavy spending on infrastructure. “But if you look at the make-up of the stimulus program,” says Mr. Zuckerman, “roughly half of it went to state and local municipalities, which is in effect to the municipal unions which are at the core of the Democratic Party.” He adds that “the Republicans understood this” and it diminished the chances for bipartisan legislating.

Then there was health-care reform: “Eighty percent of the country wanted them to get costs under control, not to extend the coverage. They used all their political capital to extend the coverage. I always had the feeling the country looked at that bill and said, ‘Well, he may be doing it because he wants to be a transformational president, but I want to get my costs down!'”