Mike's economic advice for the next president
He's gearing up for a run at a third term following his victory on a controversial term limits extension law but Mayor Michael Bloomberg is also playing economic adviser to the next president - whoever that may be.
In an essay to be published in Newsweek magazine and posted online yesterday, Bloomberg gives some free advice about how to handle the current financial crisis.
Bloomberg, who has often spoken of the difficult choices New York will have to make as the economy sours, suggests long-term investment in infrastructure as way to create jobs and, well, because we need it.
"Americans recognize the need for greater infrastructure investment, and from my experience in New York, they are willing to pay for it, if and this is a big if they can be sure their money will be spent improving their ... communities, not improving some legislator's re-election chances," the mayor writes.
He also suggests pursuing alternative forms of energy, reforming immigration laws to encourage foreign students to study here and spending more on math and science education.Of course, all that will cost money and the billionaire mayor says that may mean taxes, specifically the estate tax, a topic that may one day be near and dear to the hearts of members of his own family.
"If we have any hope of balancing the budget, the alternative minimum tax cannot be entirely eliminated. In addition, demand for revenue will necessitate bringing back the estate tax because it makes too much sense. It will both raise revenue and encourage more wealthy Americans to donate to charity."
Bloomberg is one of several public figures the magazine has asked to write essays -- in the form of email memos -- to whoever is the next resident of the White House. His topic was the economy.