Romney Surrogate: Obama's 'Insane Administration' Is Suffocating Business

Former New Hampshire governor and Romney surrogate John Sununu on Thursday accused President Obama's "insane administration" of stymieing business growth.

“You've got more cash in the private sector in business than you've ever had before,” Sununu told CNBC's "Squawk Box," adding that the fear of increased taxes and regulations "slows down the permitting process, and makes it a penalty of taxes every time they succeed."

“Obama wins, investment goes offshore. Romney wins, the investment stays here,” the former governor said.

Business Insider's Henry Blodget argued that the economy is in such poor shape because the middle class is "broke." But the former governor maintains that an overbearing and regulatory Washington, D.C., has stunted economic growth.

“I talked to dozens of people who would like to be hiring right now, and because of Obamacare, the fear of regulation, and uncertainty about this election, they're waiting,” Sununu said

“We've got to take a recognition that what we've done to those three mainstays over the last four years has been part of the reason, if not the big part of the reason, why our recovery has gone nowhere,”  he added.

Sununu also touted Republican presidential candidate Mitt Romney's “smart” approach toward energy.

“Coal, oil and natural gas are the mainstay of American energy for the next generation,” Sununu said.

“We've had an administration that truly believes government is the solution,” he added. “You've got a candidate, Mitt Romney, and a vice presidential candidate, Paul Ryan, that understand the values that come from incentivizing people and businesses.”

Watch the entire panel discussion [via CNBC]:

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