From a Jobenomics perspective, America needs to commence the 20 by 20 campaign by changing our negative attitude towards business. At best, Americans have become ambivalent towards business. Business is taken for granted. It is often looked upon as a necessary evil, as opposed to an honorable pursuit. Anti-business sentiment is pervasive with its epicenter emanating from Washington. Anti-business sentiment causes big businesses to be cautious, limit hiring, close operations, and outsource overseas. Anti-business sentiment encourages small business to go out of business, limit hiring, and defer from starting new enterprises. Equally important, anti-business sentiment discourages business investment which is needed to start new enterprises and grow existing businesses.
There is an old adage that states there are three ways to make money: (1) by your own hands, (2) by someone else’s hands, and (3) by making money-on-money. Over the last three decades, making money-on-money became the first choice of Americans from Wall Street, to Main Street, and even to Washington. Wall Street over-leveraged exotic financial instruments. Main Street over-extended itself by buying oversized homes, investing in the stock markets and 401Ks, and maxing out credit. Washington not only let this happen, but jumped in and became the largest trader of mortgage-backed securities on the global secondary market.
By turning to speculating and investing, America neglected producing and manufacturing. As a result, over the last three decades, America deteriorated from the greatest creditor nation in the world, to the largest debtor nation in the world.
The recent economic crisis serves as a wake-up call. Unfortunately, Americans are turning to government, rather than business, for rescue. Government emphasis is overwhelmingly on the unemployed. To make matters more precarious, anti-business government policies will hasten further decline in private sector employment.