Letters to the Editor Economic Engines By Jim Seifert Dec 6, 2004, 10:47 Email this article  Printer friendly page Every population center has an economic engine that drives the rest of the local economy. Detroit has automobiles, New York city has financial, Las Vegas has gambling, Los Angeles commercially exploits escape from reality. You get the idea. This local economic engine, no matter what it happens to be, is usually a relatively small percentage of the GLP (gross local product). About 10% to 20%. The rest of the local economy is second tier enterprises like banks, retail stores, gas stations, pizzerias, hospitals, etc. The thing is without the engine the local economy grinds to a halt. The engine brings in the capital necessary to fund the second tier enterprises. That's why we call it an engine. Detroit sells automobiles and gets money from around the world. New York city sells stocks and bonds all over the world. Los Angeles exports movies and imports cash. The best one could be Las Vegas. People from around the world go there, get drunk, and then go home leaving their cash behind. Governments cannot be economic engines because they only suck resources out of the economy. Governments do not create wealth, they can only redistribute it. This always means to buy voters. In Western New York there is no private sector engine. There is precious little private sector business of any kind - beyond second tier enterprises like banks, retail stores, gas stations, pizzerias, hospitals, etc. There is pseudo engine in Western New York and it is government, government of all shapes and sizes. Government is the largest employer and consumer by far. To make matters worse our arrogant government officials think they can be the engine. If government could be a real economic engine Joe Stalin would have figured out how to do it. Always arrogant, sophomoric and glib - Joel Giambra thinks he is the CEO of a billion dollar corporation. Instead of a corporate balance sheet, he really runs a billion dollar check book. If the check book goes into overdraft he can literally confiscate money to meet his political needs. Joel's Penny is actually $100,000,000. This is $100,000,000 sucked out of the private sector. This $100,000,000 will go down the various bureaucratic rat holes, and they will be looking for 'just a penny' in two years. Taxes, Mandates, Lies No more taxes. We need less taxes. It is time to start feeding to burro - he is pulling the whole cart. Jim Seifert Orchard Park © Copyright 2008 by Speakupwny.com Top of Page

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