Forbes: S.C. a model foreign investment magnet

Wednesday, 10 October 2007

Page 2 of 2 Forbes said in his view, the key to continuing the current level of increased foreign investment in the United States is to continue Giuliani’s policies on the macro level. “The problem in Washington isn’t a lack of revenues; the revenue is pouring in,” he said. “During the past three fiscal years, we’ve seen record revenues, and revenues increasing well above the rate of inflation. The problem in Washington is they get the money and take it as a license to spend more. “It’s like getting a $10,000 raise and spending $20,000,” Forbes added. “That’s a spending problem, not an income problem.” Forbes believes that as he did in New York, Giuliani will rein in spending while reducing the cost of government by taking advantage of the aging of the baby boom generation. “Half or a third of the federal work force will retire over the next few years, so just by careful attrition you’re going to get some major savings while not having to cut back on some of the services government provides,” he said. “And of course, one of the best things the government in Washington can do for the economy is not to put an onerous tax burden on the American people. They’re already overtaxed. It’s already been demonstrated that when you reduce the tax burden, the government actually winds up with more revenue because the economy is more prosperous and the country is stronger.” Turning his thoughts back to South Carolina, and, in this instance, back to both foreign investment and venture capital investment in the state, Forbes recalled the words of Walter B. Wriston, the late former chairman and CEO of Citicorp and a founding director of Forbes Inc. “As a great banker once said, ‘Capital will always go where it’s welcome and stay where it’s well treated. Capital is not just money, it’s also talent and ideas,’” he said. << Start < Prev 1 2 Next > End >>