By Sen. Jim Butterworth
ATLANTA (February 24, 2009) – It took many months for economists to publicly admit that our economy was in a recession. When these “experts” finally decided to admit the obvious, the rest of us had realized the fact long before. So now that we know the truth, we can move on to the larger question about our economy: When will we get out of this?
Let me first make it perfectly clear that I am no expert. However, based on the previous statement, we don’t need to wait for experts to give us clarity on our economy. At this point in our nation’s history, we have moved too far away from what made our country great. I firmly believe we must move back to the core principles of these great United States.
Our founding fathers envisioned a country able to make things on its own, stand by itself, be successful, and not be dependent on outside help. Remember that freedom from outside help also means freedom from outside influence. As a matter of fact, President George Washington felt so strongly about this that he stated, “Tis our true policy to steer clear of permanent alliances with any portion of the foreign world.” I will quickly add that President Washington didn’t live in the “technology age” when we can communicate and travel easily around the world, but we must consider whether we have gotten too far away from this founding principle.
As our country has grown through time, there have been individuals who have promoted the idea of Isolationism. The idea being that we should address our own issues rather than the rest of the world’s problems. At a time when we can’t seem to solve the woes of our own economy, I would suggest that some degree of isolationism is warranted given our current state of affairs.
Next, how much should we be depending on government to solve our current economic problems? Does the economy really need a “stimulus” or does it need true innovation and sweat equity? I propose the latter.
Our country has been here before. As a matter of fact it has been much worse, believe it or not. During the Great Depression of the early 1930’s, our unemployment rate was north of 30 percent. That’s almost four times higher than our current rate. What was government’s reaction then? Job creation through minimal fiscal investment and a restoration in consumer confidence. Through organizations like the Civilian Conservation Corps, government restored individual self-worth by getting individuals engaged in hard work. The result of this hard work was not only a particular structure they built and could be proud of, but a coordinated effort they could be proud of as well. The value of money and hard work was shown to be the cornerstone of our economy.
So at this point I have stated several principles to restoring our economy: some degree of isolationism until we have solved our own problems, remembering that an honest day’s work for an honest day’s pay has true value, and the thought that our government should only do for its citizens that which we can’t do for ourselves. What is the last key part to getting back to our roots? Consumer confidence.
In 1932, in the midst of the Great Depression, John D. Rockfeller stated, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.” These words could never be truer than they are today. We must remain dedicated to the hope that this will be the case, and committed to the cause of making sure it happens.
When we add these key points to the Georgia Legislature’s just-introduced job stimulus plan, I think we have a recipe for economic recovery in Georgia. The proposed changes seek to create jobs through minimal governmental monetary investment and increased tax relief to businesses.
Some of the specifics of this Georgia job stimulus package are:
• $500 credit towards the unemployment insurance tax for each unemployed individual hired.
• $2,400 Income tax credit for each unemployed individual hired.
• Start a new holiday for business
• Elimination of the State Inventory Tax on all Georgia businesses
• Elimination of the Sales Tax Deposit
• Gradual elimination of the Corporate Income Tax
These incentives give businesses the opportunities to succeed and, in turn, create more jobs. This is just a first step, but I believe it is a step in the right direction.
In closing, let us not forget that OUR generation has been given a great responsibility. We have inherited the rich history of this great country and we must perpetuate it through engaging in innovation and hard work. Our economy will not be restored by sitting around, wringing our hands and waiting on a handout from Washington, D.C. That is not our heritage and it is not the way the United States became the greatest country on earth.
In the words of George Washington: “The preservation of the sacred fire of liberty and the destiny of the republican model of government are justly considered to be staked on the experiment entrusted to the hands of the American people.” Let us not forget these words as we go out and earn an honest day’s pay. Our future is truly in our own hands. Let’s not wait on someone else to determine it for us.
Sen. Jim Butterworth represents the 50th Senate District which includes Towns, Rabun, Habersham, Stephens, Banks, Franklin, and Hart counties along with a portion of White County. He can be reached by phone at 404.463.5257 or by email at jim.butterworth@senate.ga.gov.
PRESS RELEASE
For Immediate Release:
February 24, 2009
For Information Contact:
Raegan Weber, Director
Kallarin Richards, Senior Communications Specialist
kallarin.richards@senate.ga.gov
404.656.0028