“Even though we’re going to be growing this year, it’s still not going to be that good,” said Forbes Media Chairman and CEO Steve Forbes in opening his keynote address on the final day of IFA’s 51st Annual Convention.
Why is the economy taking so long to bounce back after the great recession? The first reason is U.S. monetary policy, said Forbes, the Federal Reserve isn’t getting it right.
Both the Obama administration and the Bush administration before embraced policies that weakened the dollar, said Forbes. And a weak dollar means a weak recovery.
The millions of words of “gobbledygook” in the U.S. tax code are also a hindrance to recovery, said Forbes. No one knows what those millions of words say and business owners are taking time away from running their businesses to have to try to comply with it.
The only way to make things better is to kill the monster and start over again, said Forbes — make it simple.
In short, “here’s how we dig our way out of this mess,” stop trashing the dollar, fix the tax code, do things differently, Forbes said.
Posted by Brooke Howell, IFA SmartBrief editor