Abdelnour: Government Needs to Let Businesses Create Jobs

Thursday, 01 Dec 2011 04:46 PM

By Forrest Jones and Ashley Martella

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The U.S. government shouldn’t worry about creating jobs — but instead, it should generate an environment that encourages businesses to create jobs, says Ziad Abdelnour, author and CEO of Blackhawk Partners.

Leadership should focus more on cutting spending and avoid raising taxes and let millionaires hire and create more millionaires, Abdelnour tells Newsmax.TV in an exclusive video interview.

Focusing too much attention on blaming Wall Street fat cats and ignoring the Main Street entrepreneur won't help the U.S. economy.

"We're talking about the entrepreneurs who are creating a product and selling it to consumers," said the author of "Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics."

"These to me are defined as wealth creators, not the hedge-fund managers who make a quick buck here and there trading the markets. These are not the wealth creators," Abdelnour says.

Government has to create an environment that's conducive to creating wealth, Abdelnour adds.
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"Right now, for example, there's 5 million-plus millionaires in America. I would like to see a president or a candidate come in and saying 'My job over the next 10 years, or 8 years or whatever it is, is to create 25 million millionaires.'"

Those new millionaires will lower unemployment rates from their stubbornly high levels of around 9 percent closer to pre-recession levels of below 5 percent.

"It's not the government's job to create jobs. It is the job of the wealth creator, and the job of the government is to create an environment that's conducive to wealth creation."

The U.S. government has not passed the point of no return when it comes to reining in spending, yet it should not raise taxes as a means of narrowing the nation's gaping deficits.

"We cannot afford to increase taxes. Close the loopholes? Yes, but we cannot afford to raise taxes in times like this," Abdelnour says.

In the meantime, investors should view the world as upside down, as what was deemed safe not too long ago is far from it today.

"A few years ago, the safest instruments were U.S. Treasurys and the likes. Today it's exactly the reverse. Today the safest products out there are commodities: oil, gold bullion, etc.," Abdelnour says.

"You really have to look at it very differently. I'm not bullish on real estate, I'm not bullish on the stock market or the bond market."


Editor’s note: To order ‘Economic Warfare' at a great price — Click Here Now.

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