CREATING THE PRODUCTIVE ECONOMY AMERICA NEEDS

By Kevin L. Kearns and Alan Tonelson Monday, January 19, 2009 Submitted to the Presidential Transition Team by the U.S. Business and Industry Council, January 15, 2009: America’s economy is in danger because Washington and Wall Street have forgotten the bases for successful capitalism and sustainable prosperity – creating genuine wealth by producing, and thus supporting first-world living standards with earnings. For too long, consuming, borrowing, inflating assets, and reshuffling paper wealth were treated as adequate substitutes. The top priority of any stimulus or economic recovery plan must be refocusing American business on producing the goods and related services that Americans want and that can generate middle-class incomes for the great majority of working families. And if these goods and services are not produced at home, they won’t generate the needed incomes at home. Achieving this goal requires greatly strengthening domestic manufacturing – which (a) dominates the economy’s genuinely productive segment; and (b) is also the only sector of the economy with a proven record of enabling large numbers of working class Americans to earn middle class wages and benefits. [Continue reading]

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