These are the concluding paragraphs of Bill’s op-ed in the Washington Times. Enjoy!
“The truth is: It is not government’s function to create jobs. Putting people to work is easy, as demonstrated by Franklin D. Roosevelt’s Depression-era Works Progress Administration (WPA), more accurately known as “WPA: We Piddle Around.” The bigger challenge is to create wealth. Toyota failed to foresee the economic events that caused its expansion plans to unravel.
Keep this in mind when Congress and the White House are selecting economic stimulus projects to fund this year. If highly successful private firms like Toyota – with their extraordinary market research and years of savvy and experience – sometimes embark on projects that turn sour, how can we expect politicians, most of whom have no such business know-how, to pick winners? There is a difference, however. Companies usually risk their own money. In Washington, the politicians will be risking ours.” – Bill Shughart