Rebuilding the Broken Economy
By Dr. Phil Burian, Chair of the Business and Management Department at CTU Sioux Falls
There’s no question. The economy is broken. But what can be done to fix the challenges we are facing? Can whatever we do be fixed all at once? How long will it take to fix it? Unfortunately, these are simple but very complex questions. Let’s unpack them one-by-one:
What can be done to fix the challenges? Some experts believe the current economic cycle will self-correct and others predict complete failure and devastation. In any case, the entire economic and financial system must be considered. The cause and effect implications are so great that each part of the system impacts all others. Additionally, some of these fixes are going to challenge the political and cultural fabric of the country. There is not one fix or silver bullet that will enable a positive course correction.
Can whatever we do be done all at once? Simply, no. Just like excessive personal debt, unless you have the cash to immediately pay, the balance will take time to pay off. Whatever the government decides to do however, the recovery needs to be carefully planned with a multiyear implementation strategy and plan.
How long will it take? It could take decades. Much like personal debt if you have a number of credit lines that are at the maximum then a minimum payment structure will take years to pay the credit line off. Remember, interest keeps on accruing.
What’s next? Some scholars, like Michael Porter, believe the economy will transform itself into Social Entrepreneurship and further away from our current capitalistic system. Although this theory could unfold, we must consider what happens between now and then from a realistic point of view.
There are a number of agents and participants in the economic system. It is very complex with many competing and moving parts. The solutions applied must be well thought out and strategically planned and implemented over a period of time. More importantly, the entire system needs to be evaluated to include all of the participating parts. All of solutions or policies will have to be accomplished with little to no impact to national growth and stability. We must however, continue to innovate and educate our workforce in order to maintain our global position.
It will take sacrifice, discipline and certainly accountability from each of the major entities in order to solve the economic and financial challenges we currently face.
What’s your strategy or solution(s) to mend the economic challenges we now face?
Dr. Phil Burian’s career spans over 30 years of technical and leadership positions in government, industry and academic environments. He is currently the Chair of the Business and Management Department at CTU Sioux Falls. Dr. Burian and his family are the owners and operators of Diamond Burian Ranch in South Dakota. Connect with him on Twitter.
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Image credit: Flickr/JD Hancock