July 2, 2013
I’m tired of hearing that lower taxes will bring new business. Politicians chant low taxes like a mantra that answers everything. Governor Cuomo offers to starve many New York communities of money for services by barring them from taxing new business.
Many places in the world have no taxes, and no business opportunities either. Many places in the US charge lower taxes than New York but do much worse. What’s missing in the low tax nonsense includes markets, transportation, supplies, employees, skills, resources and amenities, the things that make places interesting and fun to live in, the reasons company founders live here, why the bosses live here, and why their employees want to live here. Read the rest of this entry »
June 25, 2013
The Supreme Court’s decision that no company can patent genes but can patent its tests for genetic information is the tip of a large iceberg. We have gotten used to believing that the patent process is the only way that new drugs and treatments are developed, and that private industry is the only source of that work. Nothing could be further from the truth but the attack on government activity may make it true. Read the rest of this entry »
December 11, 2012
You and I have been hearing lots of rhetoric about the risk to small business if tax rates go up on people earning a quarter million or more. The expressed concern is that small businessmen won’t be able to invest and create more jobs. Of course in this world of sound bites it’s hard to get everything clear and correct. But this one is largely misleading. Tax rates and business investment in job producing enterprise are much less closely related than much of the commentary would make it appear. Read the rest of this entry »
October 30, 2012
As I record this commentary, there is a powerful storm approaching the East coast. The last hurricane to hit this area affected a number of people in my office. One of the women who had worked for me lived in Schoharie. Her home and family were OK but she was devastated by what happened to her town. This time, my thoughts are in Brooklyn where my son and his family live – near the water but in the area that serves as a port so we hope more protected.
I’m no meteorologist. So how do you talk about a storm? Read the rest of this entry »
August 14, 2012
Mitt Romney ended the suspense with the choice of Paul Ryan for Vice-President. And what did we get? Nothing! The Ryan budget for dealing with our problems is zero – no taxes, no expenses, no government. No regulation, no protection, no help, no investment. We’re in a recession and what do we get to pull out of it – nothing, zero, nada. Read the rest of this entry »
May 15, 2012
Sometimes it’s easier to see the problems abroad than it is at home. And that may be true of the Euro zone. As we all know, there have been a series of agreements bailing out Greece on the condition that Greece make very large cuts in its own budget. And it hasn’t worked. Why not? Shouldn’t cutting back have rejuvenated the Greek economy? Read the rest of this entry »
February 21, 2012
Let’s talk about some basics – the sources of American economic power.
- We were always an immigrant society, peopled with those who had the drive and courage to leave where they were, cross the ocean and begin again with nothing.
- Initially we were agricultural. One innovation was small, “republican,” landownership by independent farmers. Their efficiency made everything else possible.
- We were among the leaders in the banking revolution which simplified and facilitated commerce.
- The transportation revolution began in England but it had an enormous impact on the American economy because of the sheer size of the country.
- Our system of democratic schooling – education for all, rich and poor, boys and girls, immigrants and natives – was revolutionary and made us an international leader.
- England pioneered the scientific revolution. But America took advantage of the land grant colleges, and with the appreciation for learning that came with both the Christian and Jewish communities that relocated here, America became a major source of invention.
- Americans led the revolution in manufacturing – inventing and perfecting the assembly line.
Now what? Everything we achieved is out there. Read the rest of this entry »
December 13, 2011
With a deal in process about state taxes amid shouts about which state’s taxes are highest, let me point out some basic facts. New York is expensive. My employers had to pay me well when I worked in New York City so that I could afford to live and work there. Same when I worked in Boston. Why? Taxes? Actually that’s not the big issue which is real estate. Read the rest of this entry »