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The Student News Site of Stony Brook University

The Statesman

The Student News Site of Stony Brook University

The Statesman

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    Break Downward Economic Spiral

    The current administration and Congress are striving to implement elements of fiscal and monetary policies that will turn around our economy. Talented people are hard at work trying to address these problems.

    President Obama has made some wise choices to fill key positions in his administration, including members of the economic advisory team. These people have distinguished themselves in their fields of expertise and hopefully they will perform admirably well during the next four years.

    The appointments include a plethora of former or current politicians, campaign aides, career bureaucrats, economists/finance people, academics and former generals. And they all have one thing in common: None of them is a current or former CEO or high level executive of a major corporation.

    Given the state of our economy and the problems in the private sector, I believe it would be wise to have a proven, high level, business executive on the Obama team. Maybe the new Secretary of Commerce should have a business background.

    We have to employ all available resources, including business executives, to break the downward spiral of our economy. We should spend the entire $825 billion economic recovery money on creating jobs in the private sector, not government or quasi-government jobs, and not waste any of it on tax cuts, which have proven to be ineffective in the current economy.

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