Ross Perot Jr., the chair of the U.S. Chamber of Commerce, told a ballroom full of central Arkansas business leaders Wednesday that the United States needs to reform government entitlement programs and reduce the national debt while pursuing economic freedom.
Perot, a 67-year-old real estate developer from Dallas, called the nation’s approximately $38 trillion debt a “sleeping giant of a disaster.” He also spoke out against wide-ranging tariffs President Donald Trump has placed on foreign imports.
Perot was addressing the 160th annual meeting of the Little Rock Regional Chamber.
Perot’s father, H. Ross Perot Sr., ran for president as an independent in 1992 and his concerns about the rising national debt were a centerpiece of his campaign.
On Wednesday, the younger Perot spoke for about 35 minutes in a one-on-one interview on stage at the Statehouse Convention Center with Mack McLarty, chairman of RML Automotive and a former chair of the Little Rock business organization. McLarty was also the first chief of staff for President Bill Clinton and credited Perot’s father for influencing Clinton’s attention to the national deficit and debt.
Perot noted that the last time the U.S. had a budget surplus was under Clinton.
But Perot said Trump’s emphasis on restoring American manufacturing and gaining commitments from foreign industries has led to an increase in foreign companies looking to locate in the U.S. Perot said a Taiwanese company toured one of his industrial properties and insisted on locating quickly in that space rather than waiting for a different space because of a promise they had made to Trump.
Perot predicted a strong economy in 2026 but said the country needs certainty on tariffs as well as a cut in interest rates. On Wednesday, the Federal Reserve Board of Governors cut rates for the third straight time, reducing its benchmark rate to a three-year low between 3.5% and 3.75%.
Perot said 95% of the U.S. Chamber’s membership is made up of small businesses. He said the organization had worked to reduce Trump’s tariffs and had helped some American companies to avoid bankruptcy.
“At the end of the day, at the Chamber, we believe in economic freedom,” Perot said.
Perot noted several ties he has to Arkansas and was introduced by video by U.S. Rep. French Hill, whom he met at Vanderbilt University. Perot also mentioned working with J.B. Hunt, who founded his eponymously named trucking company in Lowell, and Steuart Walton. Perot and Walton founded the Up Summit, an innovative annual transportation conference that is held in Arkansas and Texas in alternating years.
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