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Small Business Think Tank [This Network is not currently active and cannot accept new posts] | | Topics
Commonsense Approach To The EconomyViews: 163
Feb 03, 2009 4:35 pm re: re: re: re: Commonsense Approach To The Economy

Kurt Schweitzer

The approach I take to an issue like The Economic Crisis starts by setting priorities:

1) Get people back to work.
2) Loosen up the credit markets.
3) Clean up the mortgage mess.
4) Recover the costs within 20 years.

When the issue is one largely within my control I then start brainstorming actions to address the issue.

Once I have a large number of possible actions identified, I try to evaluate each one to see how it helps or hinders achieving the priorities. The actions that best achieve ALL the priorities are the ones I attempt to execute.

In the case of The Economic Crisis I have neither the training nor the experience to propose meaningful actions. I'm hesitant to propose simplistic "solutions" because I realize that I don't know enough to properly evaluate the unintended consequences.

For example, I've heard people complain about the $18 billion in bonuses given to Wall Street "executives" (actually many of them are simply employees). If those bonuses were somehow forfeited one unintended consequence would be that the State of New York's budget deficit would increase by something like $8 billion, due to the loss of tax revenue.

I generally don't comment one way or the other about things like The Economic Crisis. The last "economic crisis" I lived through (early 80s) I noticed mostly because inflation was so high that I was receiving 25% annual pay increases. To me that was a great time!

I'm focusing on the portion of the economy I CAN affect - my own business. Bad weather (snow) affects me much more than a downturn in the global economy. I would be trying to cut costs regardless of what's happening elsewhere. My short business history makes getting credit tough regardless of the overall credit market. I live in NY were taxes are ALWAYS a problem. And so on.

I will comment on people's decision making processes. I won't comment on whether a stimulus package is good or bad.

Kurt Schweitzer
Urban Village Scooters

Private Reply to Kurt Schweitzer (new win)

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