Category: U.S. Economy

Op-Ed: Maryland needs a new plan for economic development

August 22, 2012

The state should aggressively market itself to foreign investors

Maryland’s economy is headed in the wrong direction. While the unemployment rate here is better than the national average, it remains high at 6.9 percent. What’s more, Maryland actually lost 11,000 jobs in the month of June, the third highest loss in the country. With its natural resources and highly educated workforce, Maryland should be booming, not receding. What our state needs is a new vision to catapult its huge potential into a global reality.

Going global is the key. Thanks to our highly-ranked schools and universities, Maryland has a knowledge-based economy. But we can do even more to establish industrial hubs around nanotechnology, human genomics, cyber-security and health care and cancer research. We should also aggressively recruit investors from abroad to finance these enterprises. Continue reading “Op-Ed: Maryland needs a new plan for economic development” »

The U.S. Debt Crisis: From Sclerosis to Solution

July 19, 2011

The parties that got America into its current financial mess are still bickering over whether to cut spending or raise taxes to fix the problem. Missing from this debate is a third factor that is key to keeping America strong; namely, growing the economic pie through the private sector by implementing major tax reform and democratizing innovation. First we must cut overall spending. No program should be immune from cuts. The target should be to bring the overall Federal spending to the 2001 level (before 9/11). Second, we must institute a national sales tax (retail and wholsesale) for a three year period. This national sales tax would fluctuate after a three year phase in to whatever level is required to balance the budget for each year (i.e. a true pay as you go system). Finally, we must simplify our tax code to reward savings and allow U.S. companies to invest in America instead of keeping their cash overseas. If we fail Uncle Sam will end up being the real child abuser because we will have failed our children.