Drury Hosts U.S. chamber chair

by Eric Olson

SBJ Reporter

eolson@sbj.net

Small businesses' top concern is health insurance costs, U.S. Chamber of Commerce Chairman John W. Bachmann told members of Drury University's Breech advisory board at an Oct. 29 breakfast.

"It is really biting into the protability of businesses," said Bachmann, an Edward Jones senior partner, after addressing the Drury board.

Bachmann, who was invited to Drury by university trustee and Edward Jones-St. Louis general partner John Beuerlein, linked rising health care costs to frivolous lawsuits. Calling tort reform the federal chamber's top priority, Bachmann said the nonpartisan Washington, D.C.-group is working to stop venue shopping and further limit punitive damages.

According to estimates, the cost of doing business due to tort is between $700 and $800 per American. Closer to home, Missouri ranks in the bottom 20 percent of states able to attract business due to exorbitant lawsuits, Bachmann added.

"I think for businesses in Missouri, it's very sobering," he said.

In his speech, which also covered Social Security reform, Bachmann downplayed the hot-button issue of outsourcing American jobs.

"The fact is the amount that we outsource is quite small," Bachmann said, adding that in-sourced production nets the U.S. economy 6.4 million jobs and $60 billion. "We think it is a vital asset if you're going to have global competition. It's a cornerstone of free trade. We want to be very careful about not getting into a trade war on this issue."