What would YOU say to the White House tomorrow morning?

I am a big fan of President Obama and the team he has assembled. However, they inherited a country in staggering economic peril. In that light, I applaud the urgency and decisiveness with which they are acting to help us all during such uncertain times.

That said, I have expressed concern that his teams of economic advisors do not include young people. There are certainly brilliant minds on those panels, including my old boss Eric Schmidt. However, I believe deeply that youth would bring a distinct and valuable perspective to any such discussions. In particular, I think there is a generation of entrepreneurs who have been effecting enormous change yet who aren't otherwise involved in politics and whose insights might be lost.

Well, it sounds like someone was listening.

Tomorrow morning, I am joining a group of twenty young business leaders from across the country for a meeting at the White House to discuss the challenges we all face and proposed solutions to the economic crisis.

This is where you come in:  If you were in that meeting, what you would you say? What would you ask? What observations are unique to your station in life? What do you think White House officials might not see or understand unless they had your perspective? What suggestions do you have for the President's team? What should we discuss that might not already be on the agenda?

Please leave your ideas in the comments to this post. Or, send them to me as a @reply message on Twitter (you can find me there at http://twitter.com/sacca).

I hope to hear from you and promise to share everything you write that is sincere, respectful, and well thought out.

Thanks!

Comments

[Jmartens]

I'd tell the white house to do what Reid Hoffman proposed in his post on TechCrunch yesterday:

Small Business Lending (not just tech VC)
Remove H-1B limits but add a 10% paroll tax
Matching funds for VC and angel investments

[Aaron Cohen]

Chris:

I would say that Reid Hoffman's discussion about venture stimulus is worthwhile and that, in general, we as an internet community will support the progressive taxation structure being proposed this Spring.

We must work on Sarbanes-Oxley and other SEC issues that have closed the public markets. Venture cannot work without exits. The public markets need new issues. I think it among the critical economic issues.

[Cricket Chadwick]

I would ask one simple question....

"Why are you loading debt onto our children, crippling our small businesses, and giving billions to the people that caused this mess in the first place"?

[Ben Fischler]

More mass transit. More funding for basic research in all sciences. More funding and emphasis for arts and science and kite surfing.

[matyas gabor]

- do not protect to much the economy by closing the economic exchange market, the web strategy development IS the contrary of this spirit
- find back the way to be the firsts in the innovation industry by developing the VC's confidence
- do not close your country on itself as you did it during the last 10 years... the web IS the best way to open it and safely.

[Hon. John A. Kociuba]

1. Ban naked short selling (Bring back uptick rule)

2. Bring back mark to model

3. Lower capital gains for small investors

4. Stop over seas tax havens

5. Enforce "Fraud, Usury Law, Malice" practiced by National backs for high trans-action fee's with out cause to inflate principle debt on credit cards.

6. Change the judical system ban "Admiralty Law!"

Aye could go on all day!

[Michael Ritchie]

Candidate Obama promised to liberally exercise the line item veto regarding "pork" in the Budget. Now, with a bunch of weasel-worded claims that the pork was already included in the budget when he received it, he's back-pedaling. All he has to do is VETO the entire budget until the fat is trimmed.
Your candidate became president. Now he's becoming just another politician.

[Margaret]

Thank you for this spectacular opportunity. I am 28 years old and have been working to make my start-up company a success for about 2.5 years. I would love to have the opportunity to speak with President Obama regarding our current economic situation and the urgency with which we need to tackle the vast cracks in the foundation of our economy. I agree that new voices need to be heard as those who are old hats at business have allowed the economic situation to deteriorate into the state we currently find.

I hope that you will take a few minutes to read some of my thoughts on the subject which I have collected and made publicly available via my blog.

To give you a quick summary: new businesses need investment to create new jobs and to bring new capital into the domestic economy. VCs will not do this because they are focused on fast money and not on longevity and employment. Angels cannot do this because they are inundated with requests which they do not have systems for assessing and so invest entirely based on personal recommendations from people they know.

That's the fortune cookie version, but again, if you have a few minutes I would really appreciate it if you would give my blog a read. It is dedicated entirely to my thoughts as an entrepreneur on the state of the economy and how it could be improved.

Thank you again for this opportunity.

[Mark LaRosa]

How about dollar for dollar credits for employing unemployed people in a small business for 2009. My company might pay $50-60k in taxes this year. I'd be happy to give that to an unemployed person rather than in taxes. Someone gets employed, and my business grows - which will lead to MORE employees, etc.

[Peter]

Mr. Sacca,

You might advise President Obama to support GE and their clean solar and wind energy projects! Steal from the rich I always say, even if they're over seas.

We need renewable gold more than foreign liquid gold!

Here's a neat site for enterpreners: http://ge.ecomagination.com/smartgrid/#/augmented_reality

He's been doing a good job. Treat him to golf, we're supposed to be civilized after all no matter how bad our economy seems to be for now.

Pete

[Roberto Sequeira]

Hi Chris,

I would ask the following:
1. Is our government making the same mistakes of GM and big banks by continuing to pour money into an idea or system that is broken? Phrases like 'too big to fail' and 'catastrophic consequences' are perhaps delaying the inevitable; the institutions will collapse and take all of the country's money with them in addition to their own.

2. Why continue to support the middlemen. What's wrong with giving the American people their money directly? Why do we need to 'borrow' it again so the bank can keep the spread? We saw it with the 'mortgage stimulus' where rates have NOT come down in spite of the cash injection. If we sent every taxpayer a check for $10,000 that would alleviate debt for some, pay down credit balances, spur saving which leads to banks increasing reserves and lending again, spur small business investment and consumption.

Why continue to support the existing system? Why not trust the American people with their own money?

Good luck, and congratulations on the privilege of helping shape the direction of our country.

[Ram Fish]

Chris

Great question. Which I think all of us have been pondering.

An idea which I have been thinking through for a while. Maybe a bit radical. Maybe a bit hard to pass politically, but worth thinking about

250K Greencards to anybody who has Master degree or above and buys a home in the US.

It brings real capital ($100 billion a year into housing market) And let the free market manage it. Best way to help foreclosures with minimal regulatory intervention.

And gets the best educated + entrepreneurial (By definition, these are the most likely to apply) who value free and open society, Brains - into the US.

It also forces the Chinese / Russians - and other semi-democratic regimes to open up - because otherwise they lose their brains. And the Chinese know how much brain the future currency

Will it increase unemployment ? I just heard a research that claimed the latest downturn is mostly effecting lower class, blue collar. If that's the case we should be fine.

Good luck and let us know how it goes.

Ram

BTW - If you see PeterO say hi...

[Debbie Cantrell]

In this down economy, as you know millions of unemployed people are struggling with meeting their monthly obligations. I would like to see a HOLD put on Lenders or Creditors reporting to the 3 Credit Bureau's or at least some new guidelines set especially for those that are currently or will become unemployed due to the down economy. I am thinking of the long term negitive impact if the FICO score is damaged during this down time.

[Arjen Lentz]

Venture Capital and bank lending does not fundamentally stimulate innovation or business, in fact it can stifle, distract, and destruct.
Many ideas don't need much (or any) money to get going, and can build organically (investment and further R&D from profit made).
Not having a wad of cash focuses the mind in a wonderful way, and encourages companies to keep their fixed costs down. Companies who don't do this, may find themselves in serious trouble in worse economic times, or when interest rates go up, or any number of natural economic cycle phenomena.
Fundamentally it's called bootstrapping, but there's more to it. And it's sound economics, but more sustainable.

On a related note, I would suggest that the US seriously look at its employment and social security infrastructure. Right now there's a serious disincentive for overseas companies to hire or contract US based people, as the costs (and paperwork!) become ridiculous. This while the actual benefits are lower than in any other developed country (think health care, pensions, etc).

Capping awards in law suits would be a very good thing to do. High penalties clearly don't prevent companies from doing bad things, but what they definitely do is raise the cost of health premiums, liability insurance, and thus general individual and company "operating costs". Countries that have caps have fewer lawsuits, and better coverage. It's not just that, of course. But it'll help. Seriously.

Already alluded to above, the US needs to reduce bureaucracy. I've dealt with the former soviet union, and let me assure you the US today is worse in this particular aspect. (have I got your attention? I'm not kidding.)
The amount of procedure and paperwork is completely ridiculous, and merely discourages doing anything while not actually helping or protecting anyone or anything. It's not about removing safeguards, but about operating efficiently. The objective and the means need to be considered.

Many other countries have some or all of the above right. The US needs to urgently recognise that it is not a world leader in these aspects, and must learn and adapt. In short, the US needs to get over itself and drinking its own "US is best" cool-aid.
You're a bunch of great people, but the world is a big place, there's a lot of other smart people (and countries) out there. You don't lead by saying you are, you lead by actually being the most innovative, and that includes taking care of people's health and other welfare, and ensuring that companies build sustainable businesses rather than quick money-makers. Things like that. You can do it.

[Bob Gourley]

Chris,

First, let me say something for you and not the White House: your personal approach to this is inspiring and much appreciated. I'm not sure I have anything valuable to say, but I appreciate the fact that you would ask.

What would I say in the meeting?: I believe businesses large and small can benefit tremendously from from better access to the power of cloud computing, much of which is available for very low cost. In our major urban environments access is easy. But the further away from the backbone you get the harder it is for small businesses to tap into the IT grid and required speeds. This might sound like something the administration already knows since broadband is part of their stimulus package, but I think this deserves to be hit again from the small business perspective. And this point actually goes far beyond just getting broadband to every house. We must also ensure security of our enterprise.

What would I ask?: Can the US government take steps to prevent or at least mitigate industrial espionage and data theft? Too much of our intellectual property is being stolen and that hurts the economy too much.

Cheers,
Bob Gourley
http://ctovision.com

[TechPolicyCentral]

There was some talk of this during the presidential campaign, but I'd like to see programs that make college more accessible/affordable by allowing students to receive grants or 0%-interest loans for tuition in return for doing volunteer work while they're enrolled.

I think it would encourage more young people to enter college, and it would allow those who graduate to do so without the burden of student loans that sometimes take decades to pay back.

In addition, the volunteer program would help students develop personal and professional skills so they're more prepared to enter the workforce, and it would give U.S. companies/organizations the opportunity to benefit from their talents and creativity.

[Matt LeVeck]

Young Bay Area professionals, overwhelmingly support the President's recovery plans. We want more jobs programs, more infrastructure investment (especially in public transport, rail, and energy). People need to be put back to work.

HOWEVER, we have sat on the sideline for so long wondering how anyone was ever supposed to buy a home without a crazily low percentage down payment + ridiculously bad dangerous terms. Turns out there wasn't. So we've waited, renting. And yet prices in many areas still have not fallen that much.

So, we might support forced write downs on values that spread the pain between the banks and the current owners. And we would certainly approve of massive rental assistance for those who lose their house. However, we are depressed by anything that simply helps current owners make payments on their overly priced house. We fear at the end of this recovery, when jobs come back, houses and condos will still be to pricey, even on relatively high end professional salaries, let alone blue collar wages.

[Michael Herf]

Quantify how much you're spending to keep or make a job (also revenue/job), and really live by these numbers. Spend effort on businesses that will take 2-3 years to create new jobs, as well as short-term efforts. We need both.

Also, work on creating new opportunities, rather than new entitlements.

[J]

I would tell him to mind his own business. Really, what does he know about running a start-up or running a corporation. Or running any business for that matter? He was a prof and journals publicist, and a career politician. He's not in sales, economics, finance, or business. He should focus on what politicians are good at: enabling safety of the country and basic fundamental services. That said, tell him to focus on universal healthcare. If it is good enough for Canadians, and the rest of Western Europe, maybe Americans deserve to have the best.

[H. Corey]

I would like for us to start really discussing the State of Affairs. We are actually past recession and now in a depression. No one wants to say the word just like they did not want to say the word recession. The monies that are being poured in to the system are being decided by the people who caused some of the critical issues we face, sit with millions in the bank while good hard working people who saved, went to work, paid their taxes are the ones being hit.

Once we are ready to discuss where we are then we can really recognize that we cannot continue to do the same things to solve the problems. We have moved on as a nation with a infrastructure that is failing on technology, medical, and quality of living for the common American. We pay more as a nation and get less so....what would I say?

GET REAL!!!

Begin to look at innovative ways to move forward not just doing the same thing.

1) Reward the people who actually are contributing to society
2) Get intelligent people to work together who have integrity and a purpose
3) Create a penalty system/reward system that drives the right behavior

I could go on and on but there have been great comments mentioned already above

[Thomas C. Roquemore]

It is pretty obvious President Obama is leaning toward a socialist government. He needs to read his history lessons. Socialism has never and will never work. I am a right leaning moderate and I believe in rewarding those who work hard, educate themselves and give an effort to making their world a better place to live. What I don't believe in is the socialist way of thinking that big govt. should take away from those that have worked hard and earned what they have and giving it to those not willing to put in the effort to improve themselves. Don't get me wrong, I am all for charity for those that deserve it, those that have been downcast through no fault of their own, however, for those that believe they are the grasshopper and the world owes them a living because they are who they are, they simply need to have their eyes opened up.
Now, seeing various state and the federal governments trying to balance their budgets by increasing taxes on anybody making over $250,000 per year and cutting things like education is totally ludicrous! Obviously, if the small business has to pay more taxes, he has to make cuts elsewhere and the first place he looks is his employees and boom there are less jobs. When cutting education you obviously cut opportunities for the people willing to put forth the effort to learn how to improve themselves and their world. It's the wrong place to cut.
Now here's my suggestion, I know it's been suggested before and faught tooth and nail by special interests and big business, but they should be ignored. A 10% flat tax on all individuals and businesses with no loop holes, no deductions, no options would bring this country out of the red and into the black in no time flat without complicated paperwork or a huge bureaucracy to oversee it. Keep it simple, everybody wins! Of course, that would also mean cutting welfare and free medical to illegal immigrants, and that's not a bad thing, it would virtually eliminate our immigration woes. If you make a dollar you pay a dime, if you make a million, you pay 100,000 no ifs ands or buts. This is getting long, I better stop. This is the tip of the iceberg.

[Flavio Rump]

Hey Chris.
Great initiative!
I would absolutely push for the removal of the h-1b limits, I think our economy is worse of because of it. (for me you don't need to add the 10% tax proposed by Reid)
Good luck!

[Melody Martiniuk]

It seems that we live in a convoluted present of products and services outsourced or made in other countries. Are we financially willing to attempt to fix the world economy in hopes of making small changes in ours? Should we return to a focus on our own purchasing and product manufacturing habits? I think, like any business in trouble, it needs some professional business clarifcation. Is ths just a government grant program or are these people for real?

Shouldn't these companies that are getting bailout money qualify under specific rules? In the past similar situations, did we let the same people run the company even after getting government money? Would they work harder to keep a healthy business environment if they thought they may lose their jobs?

I would like to challenge specific officials to wake up in the morning and use/purhase/interact with products made only in the US for a period of one week.

So many issues, so many unique situations.... How will anyone apply a few sets of rules?

[Erica Baker]

What's being done to insure that the money I involuntarily pay now towards social security will benefit me (as has been promised) when I retire? If you can't guarantee it will be there in the future, please allow me to opt out of it now.

[Aaron]

If the opportunity presents itself, pass along a simple high five.