Dear President Obama, now that you have given Larry Summers the boot….

Dear President Obama:

Now that Larry Summers has “resigned” (i.e., been booted out) as your economic advisor, I am submitting my application to replace him in that capacity.

I am a Certified Public Accountant with over thirty years of business experience.  I have managed small businesses for much of that time; consequently, I know how to create jobs.  Most importantly, I am cheap, unlike all those other cronies who are working for you.

I propose to create jobs in this country in the following manner:

  1. Hire advisors from the small business community.  Small businesses create 80% of the jobs in this country; consequently, we know how to create jobs in our country and not in China, India, Brazil, and the Philippines.  So why do you surround yourself with former executives of multinational corporations and wall streeters, unless you need their campaign contributions for 2012.
  2. The break up of mammoth companies by invoking the Sherman Anti-Trust Act.  Companies-too-big-to-fail have been failing and dragging our economy down with them.  Moreover, their investments have been focused overseas, creating jobs elsewhere.  Although these mega corporations created 2 million jobs last year, 1.4 million of them were created overseas!  If these same companies had created these jobs entirely in the United States, our national unemployment rate would not be 9.8% but 7.6%.   So why should the taxpayers of the United States be left with the tab to bail out these mega corporations with a trillion dollars of TARP funds?  Let China, India, the Philippines, Cambodia et al bail these companies out since they are now the principal beneficiaries from their continued operations.
  3. The modification of NAFTA and other free trade agreements.   Amend all free trade agreements to create a level playing field.  How can workers in the textile industry in South Carolina compete with those in Bangladesh earning 11.5 cents an hour?  How can manufacturers in Connecticut compete with companies in China paying its workers 25 cents per hour without any overtime, health, and retirement benefits?  Where is that all important level playing field ensuring fair competition?
  4. Compel companies in the US to hire here rather than there.  Use both a stick-and-carrot policy via taxes. Raise taxes progressively, while creating huge tax credits for investing and hiring here in the US.  Extending tax cuts without requiring anything in return will lead to continued investments overseas.  Under a prudent and targeted fiscal policy, cessation of tax cuts for the upper 2% of our citizens could have led to investment in capital assets in our country, creating innumerable jobs here rather than over there.
  5. Invest in our country’s infrastructure.  Rebuild those bridges and roads, revitalize our main streets, and replace welfare with workfare.  A job is the best social program in existence.  It gives people a sense of worth and dignity.  In addition, we need this investment in our country’s infrastructure to remain competitive in the twenty-first century.  China is making these all important investments as well as other countries.  President Eisenhower’s investment in a national highway program reaped huge benefits for our country’s businesses and citizens for decades.  And so did President Kennedy’s investment in the space program, the research from which spun off countless new products and industries.
  6. Create a senior corps program, much like the peace corps.  Many retirees would be willing to mentor the young, training them to be tomorrow’s businesspeople.  In addition, it would spawn a much needed boost of patriotism and belief in our country’s principles and commerce.

I have many other “progressive” ideas, eventuating the “change” that you promised in 2008. L arry Summers represented the past; my ideas and agenda represent the future.

Immediate action is required to create jobs.  I am applying to assist you.

Sincerely,

William Brighenti, CPA

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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One Response to Dear President Obama, now that you have given Larry Summers the boot….

  1. Corinne Elliott says:

    I read your article on your website entitled “Electing the Ratable Accrual Method to Accrue Real Property Taxes”. It was very informative and well written. I have a couple of questions:
    1) It wasn’t clear that the accrual should begin in the month of the assessment/lien. For example, CA has a FY of July 1, 2010 -June 30, 2011, but the assessment/lien date is January 1, 2010. In that case, I believe the accrual should begin in Jan ’10, and 12 mos of the ratable tax can be deducted on the 2010 return even if the tax is not paid until Jan ’11. If the property was sold in June ’10, the owner as of Jan 1, ’10 would still be liable for 100% of the tax for assessment on property owned as of Jan 1, ’10. Do you agree?
    2) For WA, the tax due on 4/30/10 is for the assessment date 1/1/2009, so 12 mos of tax should be deducted on the 2009 return even if not paid until 2010. If the property is sold 12/31/2009, it would not affect the amount deducted on the 2009, and no tax for the property would be deducted on the 2010 return. Do you agree? Thanks much, Corinne Elliott

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