This iReport is part of an assignment:
Your vision for America
Create New Wealth
The problem with America today is that we have lost our ability to create new wealth. New wealth can solve many of the problems we face today including unemployment, national debt, federal deficit and income inequality.
Unfortunately, the current group of leaders think that these problems can be solved by redistributing existing wealth. All that does is cause the same dollar to be passed around the country faster and faster. It doesn't work.
It is everyone's responsibility in America to create new wealth and everyone should understand how it happens.
It starts with a bank that can lend $8 for every $1 in reserves. Then, an entrepeneur with an idea of how to solve an unmet need gets a loan. The entrepreneur starts a business to implement the idea and hires a few people to help. The business is a success and the workers spend a bunch of money and put a few back in the bank. The bank takes their new reserves and lend it out. The cycle repeats itself.
What is needed is an economic summit where banks, government and private businesses meet to discuss better ways to partner together to get the system working again and start creating some new wealth.
Unfortunately, the current group of leaders think that these problems can be solved by redistributing existing wealth. All that does is cause the same dollar to be passed around the country faster and faster. It doesn't work.
It is everyone's responsibility in America to create new wealth and everyone should understand how it happens.
It starts with a bank that can lend $8 for every $1 in reserves. Then, an entrepeneur with an idea of how to solve an unmet need gets a loan. The entrepreneur starts a business to implement the idea and hires a few people to help. The business is a success and the workers spend a bunch of money and put a few back in the bank. The bank takes their new reserves and lend it out. The cycle repeats itself.
What is needed is an economic summit where banks, government and private businesses meet to discuss better ways to partner together to get the system working again and start creating some new wealth.
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