Tuesday, January 6, 2009

An Open Letter to President-Elect Obama by Al Walsh



Thoughts on the Economy Going-Forward.




Dear President-Elect Obama,
We Americans are all trying to come to grips with the train-wreck that is our economy, and I wish you well as you contemplate the challenges that lie ahead.
Everyone’s forming opinions about what we should do, so I might as well throw mine into the hat.
The media informs me that you are contemplating a WPA-style federal work program as a corner-stone of your policy. It certainly has it’s merits as a way of getting people back to work and getting money circulating again, but the effects will be transitory at best. The jobs will eventually go away, leaving us with another hole to fill. The administration of such a program will require a large federal bureaucracy. We all know how efficient that would be. We also know how such jobs tend to hang around long after the need has dissolved. Do the taxpayers really need that burden?
Every critique needs an alternative, so here’s mine.






Instead of the works program, how about a tax break for the small & medium sized businesses that have become the engines of creativity & innovation in our country? Give these people a fraction of the money you propose to throw into the works program, and they’ll make things happen fast.






They all run their businesses lean & mean out of necessity. They’re all cash & capital starved. They’re the last people the banks consider for a loan. They have minds bursting with ideas that they can’t implement for lack of capital.
We don’t just need to create jobs, especially short-term transitory jobs.; We need to create lasting jobs, and new industries to replace the ones that have been lost overseas.
I think an investment in the small & mid-sized businesses would generate much greater gains at a fraction of the cost.
Yes, we need to rebuild our infrastructure. But my plan would drive massive new tax revenues into state treasuries for the purpose.
Why create a bloated new bureaucracy when efficient bureaucracies already exist that just need a boost?
Given your just-issued warning to the nation about trillion dollar deficits for years to come, I think my suggestion is quite apropos.
Please think hard and fast before you act.
Best of Luck. God Bless You, and God Bless America.

2 comments:

Unknown said...

My comments are even more apropos given President-Elect Obama's latest warning that the nation could face "dire consequences for years to come" if Congress doesn't pump huge sums of money into the economy. I just don't think a "works program" is the wise choice for kick-starting the economy. Give the money to the people who will get the most "cluck for the buck" - the small & mid-size businesses. If you agree with me, tell your Congressional representatives. If you have access to the President-Elect, tell him. I think we're about to make a big mistake that will only add to our burdens.

Unknown said...

Couldn't resist throwing in one more comment. The first step in Career Development is to ensure that there are jobs to be hired for. Given the way this nation has been going for a long time, that's an iffy proposition; especially now. We need to support the small & mid-size businesses that are struggling to survive.
Okay, I've "foamed at the mouth" enough now.