… is a speedy global recovery. Recently the Wall Street Journal asked the CEOs of Amex, Westpac, and Marriott, and Sen. John McCain, what the global economy needs to rebound. Here’s what they said. The panel had five top recommendations, including, in the Journal‘s words: (1) “[P]olicies that stimulate sustainable job growth by identifying national competitive strengths, encouraging innovation, reforming tax policy and avoiding regulatory disincentives.” (2) “Encourage entrepreneurship. Be blunt about U.S. competitive strengths and weaknesses. Remove the risk of protectionism. Reduce uncertainty. Don’t demonize success or overpenalize failure.” (3) “Reduce uncertainty for consumers and businesses over energy, tax, health and other policies to encourage hiring and capital investment.” (4) “Sign and ratify by the end of 2010 a global free-trade agreement with all willing countries to encourage greater world growth.” (5) “Change tax code, in revenue-neutral fashion, to encourage savings and investment and discourage consumption and debt over the long term.” Judging by these criteria, the Obama administration is 0 for 5 (so far!). Exit quote, from McCain:
As David Smick said in a recent speech, the TARP may have been great for the banks’ balance sheets, but it hasn’t spurred the lending necessary to drive enterprise and job creation. And a jobs summit won’t make matters any better.
