Directions 2010: Answers from the Leaders

February 25, 2010 at 6:00 am Leave a comment

This is the first of a series of posts that will note the key points from Directions 2010.

The keynote speaker was Mr. Stephen Moore, Senior economics writer for the Wall Street Journal.

I thoroughly enjoyed Mr. Moore’s presentation because he did not hold back when offering his opinion. Whether I agree or not, I appreciate someone who is willing to speak their mind.

The first comment that I believe is noteworthy: “What happened in Greece may happen in the U.S.” This was disturbing to hear, but I think a bit of realism is necessary in these tough economic times. Mr. Moore also stated, “The stimulus was a profound waste of money.” It is his prediction that inflation will exceed 2-3% annually in the years ahead because of the money we dumped into it. We may see 2, 3, or 4% GDP growth in 2010, but we lost 10-11% during the recession. Even with this growth, it will be difficult to regain the jobs necessary to stabilize the economy.

He pointed out that President Obama claims to have been handed the worst economy in 100 years, but President Reagan actually took over during a worse financial time. Mr. Moore believes that it is important to analyze history in hopes of finding solutions to current problems that our country faces. I agree with him, but it is also necessary to remember that the circumstances are not identical.

Mr. Moore is also very worried about Cap and Trade, which he believes will not reduce global temperature by any more than 0.1%. He jokingly referred to it as the “China and India full employment act” because it will just move jobs overseas.

Mr. Moore highlighted President Obama’s lack of understanding about who is the spine of the U.S. economy. He noted that President Obama wants to raise taxes on the rich (those individuals in the highest tax bracket), but that 2/3 of those are small business owners. Mr. Moore stated, “President Obama is putting up a wall between Washington and small business owners.” It is Stephen’s prediction we will have a double dip recession if taxes are raised. He believes we need to put in place a flat tax, to avoid double taxation on business and investment. His recommendation is that we adopt Keynesian supply-side new deal practices to recover.

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Michael Lemons

I will secure sustainability for your business with strategic CSR (corporate social responsibility) by making social impact integral to the unique value proposition of the company.

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