click on graphs to enlargeThe above graphs illustrate the two sides of the current world coin. The first graph shows China actively looking for innovation & the second graph shows the result of Merck cutting 20% of its work force over the next two years. The Merck move follows the shrinking research & development trend of some of America's best known R&D companies – the exact wrong trend. While the U.S. is growing less than 2% per year China is growing from 7.5% to 10% in real terms.
Far too many people never think of the R&D expenses required in the drug industry & just take for granted that their medicines will be there when they need them & that these medicines will be effective. Good luck with that going forward.
America was founded on the principles of limited government, personal responsibility, & free enterprise with entrepreneurs the central figures in our economic system. Of course we are as far from our founding excellence as we can be with BO in office.
To be successful our economy also needs engineers to develop & build the manufacturing & research facilities to start & then expand the entrepreneurs' businesses.
I was thrilled to learn that a neighbor is now a senior @ Cornell - he has taken both chemical engineering & computer science. A world-wide oil firm has already offered him employment when he graduates – the offer will stand for three years any time he wants it. These types of engineers have started recently for $120,000 per year – not bad for a 22 year old with an engineering degree. Source – AIChE.
This is the type of employment we need. We don't need more lettuce pickers, call center workers, hamburger flippers, or 32 year old college graduate bus boys who have seen a quarter of their lifetime earning power passed by. The economy is missing the purchases & buying power these young people had in the 80s & 90s & this problem will have a lasting effect on the country.
Click here to hear Carly Fiorina explain how an entrepreneur took a risk on her when she was a typist-secretary. As you all know Carly became the first businesswoman to head a Fortune 20 company. There are two one-minute videos back to back. In the second video Carly sums up our problem by explaining that the entrepreneurial spirit that the country was founded on is definitely not what we have today.
I add that when we return to the excellence of our founding principles we will wipe out our deficits, debts, deteriorating work ethic, anemic quality job-growth, & government dependence in about five minutes.
Doug – yes – limited government + free enterprise will again lead to strong economic prosperity. Add more expertise in tech fields such as engineering, nano technology, robotics to this equation and the US will be back on track. In order to get there, unfortunately it is likely we will need to wait until BO is gone. Meanwhile we must block BO further attempts to expand his socialism and convince the electorate that free enterprise is our best bet to take our economy to rapidly increasing prosperity. We must also get the Gov out of the student loan business where no return on investment analysis is done. This results in weak or misguided students going to college, taking EZ course work, rising tuition rates, and taxpayers on the hook likely for much of our $1 Trillion student loan debt. Private banks should handle all loans. They will loan to promising bright math students skilled in math and science. This will send a strong message to bright and misguided students – major in areas that have strong job prospects !
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