Op-Ed: allow business and workers to drive recovery
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We’ve been saying for a while now that government-fueled uncertainty is hindering businesses when it comes to making hiring decisions, planning for the future, and ultimately leading an economic recovery. Government cannot spend its way out of a crisis. Quite the opposite – government overspending has been at the root of the precarious position we now find ourselves in.
In an op-ed today in the Wall Street Journal, Charles Schwab, founder and chairman of the Charles Schwab Company, echoes much of what we’ve been explaining for months. Below are excerpts. Click here to read the full piece.
In his speech before a joint session of Congress on Sept. 8, President Obama said, “Ultimately, our recovery will be driven not by Washington, but by our businesses and our workers.”
He is right. We can spark an economic recovery by unleashing the job-creating power of business, especially small entrepreneurial businesses, which fuel economic and job growth quickly and efficiently. Indeed, it is the only way to pull ourselves out of this economic funk.
But doing so will require a consistent voice about confidence in businesses—small, large and in between. We cannot spend our way out of this. We cannot tax our way out of this. We cannot artificially stimulate our way out of this. We cannot regulate our way out of this.
What we can do—and absolutely must—is knock down all hurdles that create disincentives for investment in business.
The simple fact is that every business in America was started by an entrepreneur, whether it is Ford Motor Co., Google or your local dry cleaner. Every single job that entrepreneur creates requires an investment. And at its core, investing requires confidence that despite the risks, despite the hard work that will certainly ensue, the basic rules of the game are clear and stable.
[T]he leaders of both parties, Republicans and Democrats alike, must lend their voices to encourage and support private enterprise, both for what it can do to turn our economy around and for the spirit of opportunity it represents.