Stop Fearing the Future and Focus on Innovation

The Business Roundtable, an association of chief executives, recently proposed that the United States is the world’s innovation leader because of a commitment to basic research, a world-class workforce and a climate that rewards innovation. This sense of pride has been eclipsed by a feeling of economic pessimism manifesting itself in a perceived lack of innovation from our private sector, and especially by our entrepreneurs. Let’s look back to one of America’s greatest entrepreneurs: Henry Ford. He revolutionized automobile manufacturing and helped turn Detroit into the envy of the world. At one time, it was our 3rd largest city and one of the most prosperous in the world. He gave his workers unbelievably high wages, a shorter workday, a shorter workweek, vacations,... Read More

Innovation Drives Our Economy

The Business Roundtable recently proposed that the United States is the world’s innovation leader because of a commitment to basic research, a world-class workforce and a climate that rewards innovation. This sense of pride has been eclipsed by a feeling of economic pessimism manifesting itself in a perceived lack of innovation from our private sector, and especially by our entrepreneurs. Let’s look back to one of America’s greatest entrepreneurs: Henry Ford. He revolutionized automobile manufacturing and helped turn Detroit into the envy of the world. At one time, it was our 3rd largest city and one of the most prosperous in the world. He gave his workers unbelievably high wages, a shorter workday, a shorter workweek, vacations, healthcare, daycare, education and... Read More

A Bill More Unpopular Than Obamacare Is

You don’t have to go too far to find someone vehemently opposed to Obamacare. What is new these days is that former enthusiastic supporters are now among its biggest critics. From business and union leaders to Republicans and Democrats, to conservatives and liberals, they all finally have something in common: they want Obamacare trashed. The last time a president introduced a bill this contentious was in 1969, when President Nixon had the distinction of introducing the $2.5 billion Family Assistance Plan (FAP), which was universally despised by virtually everyone. With the counsel of Urban Affairs Council Secretary Daniel Patrick Moynihan, Nixon created the FAP, which called for the replacement of bureaucratically administered programs such as Aid to Families with Dependent... Read More

Economic Pessimism Evokes Great Depression

A new story from The Associated Press stopped me in my tracks. The gap in employment rates between America’s highest- and lowest-income families has stretched to its widest levels since officials began tracking the data a decade ago. Rates of unemployment for the lowest-income families — those earning less than $20,000 — have topped 21 percent, nearly matching the rate for all workers during the Great Depression. U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment. At the same time, middle-income workers are increasingly pushed into lower-wage jobs. Many of them in turn are displacing lower-skilled, low-income workers, who become unemployed or are forced to work fewer hours,... Read More

Trade, Not War, Achieves Better Results

In my book, Conscientious Equity, I discuss that when nations have free trade agreements with each other, they historically have not gone to war. Once the road for negotiations is open to trade, it remains open for other serious considerations. Equally important is that free trade agreements not only benefit businesses, but a country’s entire population as well. Trade leads to economic freedom, which helps reduce poverty and corruption. So it was with great interest that I found a kindred spirit in Fred Smith, director of the Center for Advancing Capitalism at the Competitive Enterprise Institute. In an article in Forbes, he noted: “The announcement of a possible free trade agreement between the world’s two largest economies — the United States and the European... Read More

Too Much War — Not Enough Trade

In my book, Conscientious Equity, I discuss the fact that when nations have free trade agreements with each other, they have historically not gone to war. Once the road for negotiations is open to trade, it remains open for other serious considerations. Equally important is that free trade agreements benefit not only businesses, but also a country’s entire population. Global trade leads to economic freedom, which helps address poverty and minimize corruption. So it was with great interest that I found a kindred spirit in Fred Smith, director of the Center for Advancing Capitalism at the Competitive Enterprise Institute. In an article for Forbes, he noted: “The announcement of a possible free trade agreement between the world’s two largest economies — the United... Read More

Flip the Economy, Not More Burgers

There are thousands of employees that work for fast food restaurants. They work hard and get paid very little. But how many dreamed of going to school, graduating with a degree and setting out to spend their life flipping hamburgers? Very few, I bet. Unfortunately, in the Obama economy, too many college graduates have found themselves in this position. And worse, many American workers now consider fast food jobs a destination, not a temporary stop off until a better paying job comes along. CBS reported that fast food jobs “are no longer introductions to the world of work. The age of the average worker is 28, with 70 percent 20 years old or older, according to statistics compiled by AOL Jobs. One out of four has at least one child, a third has at least some college education... Read More

President Obama’s Job Creation “Success” Is a Sham

In July, the number of persons employed part time for economic reasons, sometimes referred to as involuntary part-time workers, was essentially unchanged at 8.2 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. Contrast this to 2004 when The Heritage Foundation estimated that only one in five part-timers preferred a full-time job. Look where we’ve come in nine years. The term “involuntary part-time workers” was not even in use. Most people working part time in 2004 wanted to do so. Today, workers are forced to work part-time because there aren’t enough full-time jobs or because their hours were cut by employers drowning in regulations and out-of-control healthcare costs... Read More

A Tale of 2 Employments

In July, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.2 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. Contrast this to 2004 when The Heritage Foundation estimated that only one in five part-timers preferred a full-time job. Look where we’ve come in nine years. The term “involuntary part-time workers” was not even in use. Most people working part time in 2004 wanted to work part time. Today, workers are forced to work part-time because there aren’t enough full-time jobs or because their hours were cut by employers drowning in regulations and out-of-control healthcare... Read More

An Economy Ruled By Corruption Cannot Survive

Transparency International just released its Global Corruption Barometer 2013, which draws on a survey of more than 114,000 respondents in 107 countries. It addresses people’s direct experiences with bribery and details their views on corruption in the main institutions in their countries. It also provides insights into people’s willingness to stop corruption. The survey found that the three most corrupt nations were Afghanistan, North Korea and Somalia. No surprises here. China ranked 80th as the world’s least corrupt whereas the United States ranked 19th. This means there were 79 countries where the perception of corruption was less than in China and 18 countries where the perception of corruption was less than in the United States. But before we celebrate, the... Read More