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February 24th, 2009
12:34 PM ET

Entrepreneurs can lead us out of the crisis

Tom Hayes and Michael S. Malone
The Wall Street Journal

The passage of the $787 billion stimulus bill has so far failed to stimulate anything but greater market pessimism. This suggests to us that the strategy behind the American Reinvestment and Recovery Act is wrong - and worse, that the weapons it is using to fight the recession are obsolete.

Just as generals are notorious for fighting the last war, Congress and the White House seem intent on fixing an economy of hidebound and obsolete companies and industries, while ignoring the innovative ones rising before us and those waiting to be born.

Missing from this legislation is anything more than token support for the long-proven source of most new jobs and new growth in America: entrepreneurs. These are the people who gave us everything - from Wal-Mart to iPhones, from microprocessors to Twitter - that is still strong in our economy. Without entrepreneurs, we will never get out of our current predicament.

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Filed under: Economy
soundoff (8 Responses)
  1. T. Kris

    If this country was really of,for and by the people the TART money would have been evenly distributed among the taxpayers and a true capilalist free market economy would have saved us this economic meltdown through "trickle up economics!" Instead we are an of, for and by the corperations country and the TART money was used by those corperations to continue their defraudment of the taxpayers through corperate wellfare!

    February 25, 2009 at 9:01 am |
  2. Luis

    Don't tax my employer you idiots. What don't you fools get. Taxing companies is going to hurt the economy.

    February 24, 2009 at 6:25 pm |
  3. Gene Penszynski from Vermont

    P.S. The problem with giving out right tax breaks to these companies is that it does nothing to monitor them form outsourcing their exisiting infrastructure overseas. They might use that extra money for example to subsidize some Slave Labor Operation overseas instead of using it here to create a NEW Industry or Product. There have to be strings attached and the Main String has got to be Made in the U.S.A.

    February 24, 2009 at 5:26 pm |
  4. Mari, Salt Lake City

    Yes, they can! I sent an email to the White House, suggesting to President Obama to suspend taxes for ALL small businesses of 1000 employees or less.

    We CAN RECOVER AMERICA! HAVE SOME FAITH & HOPE!

    February 24, 2009 at 4:54 pm |
  5. Joanne Pacicca, Solvay, NY

    What we need to do is produce a product, market it, and distribute it to the world. I must be totally US made and be something that everyone wants. Without that formula, people will simply pay down debt and continue to fear for their jobs ; hence, not spending.

    February 24, 2009 at 4:48 pm |
  6. Gene Penszynski from Vermont

    Ok Tom and Mike (Too bad you weren't named Tom and Jerry) so what Great Entrepeneurial 'Genius' is goin g to lead us out of this pray tell ?????? The same 'Entrepeneurial Genius' that was supposed to keep us competitive with by using the frogone tax revenue of G W Bush's massive tax cuts ?????????????? Where the HELL did that go ???? I'll tell you where it went. It went to pay Slave Labor wages to the COMMUNIST Chinese and the SOCIALSI indian slave laborers thats where it went. There is NO disernable evidence that it creadted ANT HIGH PAYING jobs or NEW INDUSTRIAL INFRASTRUCTURE RIGHT HERE ! It may have give you bufoons a couple of quarters of great bonuses but it did NORTHING to build a SUSTAINABLE NEW AMERICAN INDUSTRY that would keep us world leaders and in the black exporters !!!

    February 24, 2009 at 4:16 pm |
  7. jamin

    President Obama,

    I would first like to say thanks for nothing.. Your so called wonderful stimulus package will do abosultely nothing for me.Second i would like to say thank you having the hard working people of this country pay other peoples stupid mistakes, why should I pay for some ones house that they knew they could not afford in the first place, and why is goverment going to bail them out. When is the bailouts going to stop. And i really love the extra so called 65 dollars you were going to get, wow that will do what??? fill my gas tank up, not hardly with gas prices going back up. Lastly I would like to say I never voted for you and never in a million years you and your stimulus package is bad for family and bad for america. When the poeple finally wake up and see the light they will realize how bad it is and not vote you a second term

    February 24, 2009 at 3:54 pm |
  8. xtina, chicago IL

    Right ! But Obama, never having been a businessman, thinks big government can replace the American entrepeneurial spirit.

    February 24, 2009 at 3:51 pm |