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Forbes: Lessen The Burden On Citizens

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By Don Jorgensen
Published: October 20, 2009, 10:00 PM
Updated: October 21, 2009, 8:23 AM

The owner of the nation's leading business magazine says getting out of the recession is as easy as black and white.

Steve Forbes, CEO of Forbes Media and Editor in Chief of Forbes magazine, spoke in Sioux Falls at the annual Chamber of Commerce meeting. His message centered on the economy and what it's going to take to turn things around.

Forbes twice ran for president. Although unsuccessful in 1996 and 2000, says the current administration's stimulus packages won't help get us out of this recession.

"Japan has had 10 or 12 stimulus packages since the early 1990's and their economy is still stagnant. We tried it in the 30's and the depression, but it did no good," Forbes said.

Forbes says Congress needs to lessen the burden on citizens by cutting taxes and stabilizing the American dollar. 

"Because of the weak dollar the credit system isn't fully working again, that's why small businesses are having uncertain times as to credit and not to mention consumers so this recovery is going to be jagged until they fix that," Forbes said.

Forbes says businesses and corporations have cut jobs because if they want to be viable in the future, they have to have cash flow and that means making sacrifices. 

"For many it's get through this thing, you just have to hunker down and do it and dipping into cash reserves, many aren't taking salaries," Forbes said.

And when it comes to Congress, Forbes says lawmakers need to pass healthcare and tax reform.

"Remove the uncertainties about taxes and regulations, healthcare, remove those things and get a 10% or 15% increase that's seven or eight trillion dollars, that overwhelms the stupidities coming out of Washington," Forbes said.




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