Drury Hosts U.S. chamber chair

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by Eric Olson|ret||ret||tab|

SBJ Reporter|ret||ret||tab|

eolson@sbj.net|ret||ret||tab|

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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.|ret||ret||tab|

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

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.|ret||ret||tab|

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.|ret||ret||tab|

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

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

"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."|ret||ret||tab|

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