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.
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.