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Thursday, October 28, 2010
Why America is Falling Behind
From Fox Business News blogs.
"Meet Lighting Science Group. One year ago they had 35 employees, today it's 400. Many of those are in manufacturing jobs in their Florida factory. Business is so good they want to build another plant, preferably in the United States.
But that may not happen.
As the CEO explains, the government's stimulus plan is offering up help with bonds and credit, but the credit process takes so long - 18 months - that he may have to move jobs offshore because countries like China are offering credit right now. Companies in industries like this cannot wait for a year and a half to grow because a competitor will come in quicker and take the business. It's not that they don't want to hire more American workers, it's that they don't want to risk losing the business they currently have.
He also dispels the myth that labor costs are the big problem.
The point? America is falling behind in efficiency of capital and credit, and we had better wake up or we'll lose more growth companies like this to overseas competitors."
Article contains a video. You see--it doesn't matter how low interest rates go, or who offers them, but it's the time it takes to get the credit (on the business side) that holds back progress that our so-called president likes to flaunt in constituent crowds. The proof is in the pudding, and we're stuck holding vats of Jello.
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