Costco Co-Founder Touts Obama's Plan for Economy

CHARLOTTE, N.C. (TheStreet) -- Costco (COST) co-founder and former CEO Jim Sinegal defended Barack Obama's economic record Wednesday and used the warehouse retailer's success story to bolster his justification.

"In Tampa last week, we heard all about job creators. But at our company, we recognize that job creation requires time and investment and commitment to the long term," said Sinegal at the Democratic National Convention in Charlotte. "These are the building blocks of President Obama's plan for the future."

Sinegal spoke ahead of former President Bill Clinton's speech at the convention Wednesday.

Sinegal's speech was the biggest from the founder of a large-cap company traded on a major U.S. exchange. Speaking from a similar capacity, Tom Stemberg, who helped found office supply retailer Staples (SPLS), supported Mitt Romney at last week's Republican National Convention. Year to date, shares of Staples have slumped 20.1%, while shares of Costco have jumped 17.9%.

Sinegal said Costco has created more than 116,000 American jobs, and expects to add 7,000 more jobs in the next 12 months.

-- Written by Joe Deaux in Charlotte, N.C.

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