Bravo for Bloomberg!

by Kris_Tuttle on June 17, 2011

It’s been a rough few years for the US econ­omy. After the finan­cial cri­sis the struc­tural reforms and gov­ern­ment inter­ven­tion started com­par­isons between the US and slow-growth, socialist-leaning coun­tries like France. Per­ish the thought!

But years after stim­u­lus and “recov­ery” the over­all US econ­omy has not added many jobs and just doesn’t feel very robust. Some look abroad to China and feel that their sheer size, growth rate and seem­ing invin­ci­bil­ity will make them the global eco­nomic power in the full­ness of time.

Big cor­po­ra­tions are the prob­lem, not the solu­tion. When it comes to job growth it turns out that small and medium sized busi­nesses cre­ate about 120–140% of the new jobs in the US. That tells you some­thing about what big cor­po­ra­tions are up to. They are reduc­ing pay­rolls and mov­ing jobs to “more effi­cient” providers abroad.

The bur­dens on small busi­nesses though have made it harder to hire. Health­care costs are sub­stan­tial and the econ­omy isn’t strong enough to sup­port spec­u­la­tive hir­ing. Today thou­sands of col­lege grad­u­ates bemoan the lack of $85K annual jobs that will train them to do some­thing use­ful and wait around for “things to improve.”

Mayor Bloomberg has hit on a per­fect oppor­tu­nity for the US to get back some of the mojo that built the coun­try and made it great. Immi­grants have been the key to growth since the US came into being. Our poli­cies are stu­pid and self-defeating. He lays out a set of pro­pos­als that offer the great­est bang for the buck than any­thing else we have seen in recent memory.

New York Mayor, Michael R. Bloomberg.

Image via Wikipedia


Chang­ing our poli­cies would allow the best and bright­est to come and remain in the US to get a col­lege edu­ca­tion and start new com­pa­nies that will pro­vide the new prod­ucts and ser­vices, jobs, taxes, and invest­ment oppor­tu­ni­ties that we need. More com­pa­nies, more jobs, more demand for hous­ing, more pros­per­ity — all for lit­tle to no cost for the country.

There’s lots of atten­tion on QE3, near-term job growth, health care, infla­tion and quar­terly num­bers. But the real long term growth engine for the US, the thing that makes it dif­fer­ent than every other coun­try in the world, is the strength that comes from immi­grants that come to build a bet­ter life and in turn our econ­omy and country.

Every day the news is filled with the equiv­a­lent of whin­ing over enti­tle­ments. Mean­while so many smart, tal­ented and hard­work­ing peo­ple in the world have nei­ther free­dom nor oppor­tu­nity. Their atti­tudes, efforts and impact is sorely needed in this econ­omy right now.

It’s worth tak­ing the time to read or lis­ten to the entire Bloomberg mes­sage and also see lots of the infor­ma­tion that backs up the mer­its of the proposal.

[Dis­clo­sure: None. I’m not a par­tic­u­lar fan of Bloomberg and a reg­is­tered inde­pen­dent. I like fact-based leg­is­la­tion that still remem­bers the pos­i­tive tra­di­tions, honor and char­ac­ter of the coun­try. What Bloomberg is talk­ing about here is a great example.]


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