Dear President Obama, now that you have given Larry Summers the boot....

Dear President Obama:

Now that Larry Summers has “resigned” (i.e., gotten the boot) as your economic advisor, I am submitting my application to replace him in that capacity.

I am a Certified Public Accountant with over thirty years of business experience.  I have managed small businesses for much of that time; consequently, I know how to create jobs.  Most importantly, I am cheap, unlike all those other cronies who are working for you.

I propose to create jobs in this country in the following manner:

  1. Hire advisors from the small business community.  Small businesses create 80% of the jobs in this country; consequently, we know how to create jobs in our country and not in China, India, Brazil, and the Philippines.  So why do you surround yourself with former executives of multinational corporations and wall streeters, unless you need their campaign contributions for 2012.
  2. The break up of mammoth companies by invoking the Sherman Anti-Trust Act.  Companies-too-big-to-fail have been failing and dragging our economy down with them.  Moreover, their investments have been focused overseas, creating jobs elsewhere.  Although these mega corporations created 2 million jobs last year, 1.4 million of them were created overseas!  If these same companies had created these jobs entirely in the United States, our national unemployment rate would not be 9.8% but 7.6%.   So why should the taxpayers of the United States be left with the tab to bail out these mega corporations with a trillion dollars of TARP funds?  Let China, India, the Philippines, Cambodia et al bail these companies out since they are now the principal beneficiaries from their continued operations.
  3. The modification of NAFTA and other free trade agreements.  Amend all free trade agreements to create a level playing field.  How can workers in the textile industry in South Carolina compete with those in Bangladesh earning 11.5 cents an hour?  How can manufacturers in Connecticut compete with companies in China paying its workers 25 cents per hour without any overtime, health, and retirement benefits?  Where is that all important level playing field ensuring fair competition?
  4. Compel companies in the US to hire here rather than there.  Use both a stick-and-carrot policy via taxes. Raise taxes progressively, while creating huge tax credits for investing and hiring here in the US.  Extending tax cuts without requiring anything in return will lead to continued investments overseas.  Under a prudent and targeted fiscal policy, cessation of tax cuts for the upper 2% of our citizens could have led to investment in capital assets in our country, creating innumerable jobs here rather than over there.
  5. Invest in our country's infrastructure.  Rebuild those bridges and roads, revitalize our main streets, and replace welfare with workfare.  A job is the best social program in existence.  It gives people a sense of worth and dignity.  In addition, we need this investment in our country's infrastructure to remain competitive in the twenty-first century.  China is making these all important investments as well as other countries.  President Eisenhower's investment in a national highway program reaped huge benefits for our country's businesses and citizens for decades.  And so did President Kennedy's investment in the space program, the research from which spun off countless new products and industries.
  6. Create a senior corps program, much like the peace corps.  Many retirees would be willing to mentor the young, training them to be tomorrow's businesspeople.  In addition, it would spawn a much needed boost of patriotism and belief in our country's principles and commerce.

I have many other “progressive” ideas, eventuating the “change” that you promised in 2008. L arry Summers represented the past; my ideas and agenda represent the future.

Immediate action is required to create jobs.  I am applying to assist you.

Sincerely,

William Brighenti, CPA

This blog

The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor,  operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC.  Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission.  Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard.  His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.

Bill also writes an Accounting, QuickBooks, and Tax blog:  Accounting, QuickBooks, and Taxes by the Barefoot Accountant.  For entertaining articles, please see his listing at The Amazing Brighenti.

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