Productive, private-sector jobs - the lifeblood of a sound economy - are under assault by politicians in the United States and Western Europe, who have unwittingly taken a number of steps that make future job losses a foregone conclusion.
In the 1980s, as a Member of the UK Parliament and elected Chairman of the Conservative Small Business Committee, I led discussions on the issue of job creation. At that point, the British labor market was dealing with technological advances that threatened traditional industries and an influx of highly competitive Eastern European workers who drifted westward in the waning days of the Cold War.
Pushing back against those who wanted to preserve an untenable status quo, the Conservatives recognized that defensive measures like excessive regulation, high taxes, and favored bidding for government contracts were antithetical to business growth. Fortunately, Margaret Thatcher was Prime Minister. Her understanding of economics, combined with her ability to communicate and lead, resulted in the adoption of pro-business polices. The British economy soon flourished, creating many profitable new jobs.
Despite his rhetoric to the contrary, the Obama Administration is actually leading the US in the opposite direction. By raising taxes on business owners, monopolizing credit, and increasing business regulations at a frightening pace, current policy is turning the employment landscape into a rather sterile promontory.
Click here to read more of John Browne's commentary on the jobs dilemma.
