B U S I N E S S P U
In the latest The Nicolet Bank The primary factor that appears
Business Pulse© CEOs indicate
they are generally opposed to
the Obama stimulus plan.
The study was conducted between
January 27 and February 3 –
just prior to the final passage of
Little Support the economic stimulus plan in
Congress. More than half (57%)
of the CEOs indicate that they are
for Stimulus Opposed to the plan; 23% Favor
the plan; 20% were Not Sure.
Plan
CEOs were also asked how familiar
they were with the plan: 18% said
Very Familiar; 35% Moderately
Familiar; 42% Somewhat Familiar;
5% Not Familiar. Opposition is
highest (83%) among those who
are Very Familiar with the plan;
support for the plan is highest
(34% Favor) among those who
are Somewhat Familiar. There
are no differences between CEOs
of goods producing companies
(57% Oppose) and service
companies (54% Oppose).
Do You Favor or Oppose Economic Stimulus Plan:
CEOs New North
Oppose
57%
Executive Summary:
End of Q4/08
“I’m not getting information; I'm not managing.”
John Torinus, President & CEO — Serigraph, Inc
L S E©
to be of greatest concern among
CEOs in the NewNorth is the
balance between tax cuts and
spending in the plan. At the time
the survey was conducted, the
balance between tax cuts and
spending in the bill was $550
billion in new spending and $275
billion in tax cuts - very similar to
final balance on passage (which
was $507 billion in new spending
and $282 billion in tax cuts).
Only 17% say the balance is about
right; 57% say there should be
more tax cuts and less spending;
20% say there should be equal tax
cuts and spending; 6% say there
should be more spending and
less tax cuts.
Not sure
20%
Favor
23%
There is no difference between
CEOs of goods producing
companies and service
companies regarding the
balance of cuts and spending.
CEOs were also asked how
important various elements
of the stimulus plan are in
producing stimulus:
56% say it’s Very Important to
speed up the depreciation of
capital investments, allowing
50% of the investments to be
written off immediately;
37% say it’s Very Important to
allow businesses to claim tax
credits on past profits dating
back five years instead of
two years;
Importance of Various Elements of The Obama Stimulus Plan
Speed up depreciation on capital investments
Give business tax credits on past profits
Create jobs with spending on infrastructure
$500 tax cut for individuals; $1000 couples
29% say it’s Very Important to
create new jobs with government
spending on the nation’s
infrastructure.
Other Very Important elements
include: 24% favor a $500 tax
cut for individuals and $1,000
for couples earning under
$200,000 per year; 16% favor
spending $19 billion for science
& technology, university
research facilities, biomedical
research and wireless/broadband
expansion; 13% favor spending
$68 billion for education,
classroom modernization,
increased Pell grants and early
childhood education; only 5%
say spending $80 billion to help
states facing budget shortfalls is,
Very Important.
56%
37%
29%
24%
CEOs lack confidence in
President Obama and his
economic team to successfully
handle the crisis. Less than one
in ten (9%) say they have a
Great Deal of Confidence;
30% have a Moderate level of
Confidence; 45% have Only
a Little Confidence; 17% say
they have No Confidence.
Summary
CEO attitudes regarding the
economic stimulus plan appear
to mirror the concerns that
Republicans in the House and
the Senate expressed as the
legislation wound its way
through the congressional
process. Given the general
political leanings of CEOs in the
NewNorth, this is to be expected.
Once President Obama signs the
legislation we will have to wait,
perhaps a long time, to determine
if this legislation has the intended
consequences that the President
and the Democrat Congress
are hoping for.

$19 billion for science & technology 16%

$68 billion for education 13%

$80 billion for states

Percent Saying “Very Important”

How the Survey is Conducted

The Nicolet Bank Business Pulse© is a Quarterly Study of CEOs and business leaders in the
NewNorth (Brown, Calumet, Door, Kewaunee, Manitowoc, Marinette, Oconto, Outagamie, Shawano,
Winnebago Counties in Wisconsin and Menominee, Michigan). This study was conducted between
January 27 and February 3, 2009.
Participants include: 27% in manufacturing; 24% in services; 18% retail trade; 4% wholesale trade;
6% finance, real estate, insurance; 5% in transportation, communications, utilities; 6% in construction;
10% in other industries. 20% have fewer than 6 employees; 27% have 6-25; 21% have 26-50;
9% 51-100; 12% 101-250; 5% 251-500; 4% 501-1,000; 3% have 1,001 or more.
Questions to Dr. David G. Wegge (920) 217-7738; david@intellectualmarketing.com