State Farm CEO: Biz must address state spending

By Associated Press
Posted April 1 at 6:02 a.m.

State Farm Insurance CEO Ed Rust Jr. says business leaders should inject themselves into the debate about “unchecked” government spending and borrowing.

During a speech at Illinois State University, Rust said Bloomington-based State Farm has no intention of leaving Illinois. However, he echoed comments made by Caterpillar CEO Doug Oberhelman that business leaders must help Springfield understand the consequences of its actions or inaction.

Speaking Thursday at the renaming of ISU’s College of Business building to the State Farm Hall of Business, Rust said “it would be just fine” if business students went into government.

He said government needs more elected and nonelected officials “who have a basic understanding of business.”

He contended spending financed by borrowing at both federal and state levels “have brought us to a near-crisis position.”

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