Steve Stroud, Chairman of NAI Carolantic Realty, gave the following ‘perspective’ at the 26th Annual Triangle Commercial Real Estate Conference held on January 12th at the RBC Center in Raleigh, NC. This is Part I of his remarks.
“Last year, I talked about essentials to continued growth: the importance of funding our flagship universities to maintain our competitive edge; educating our residents to establish a metropolitan agency to plan for infrastructure, water, sewer, and public services providing efficiency and economies of scale; and finally asking for a good-faith effort between commercial lenders and their mortgagees to extend performing loans and avoid making calls that trigger domino effects throughout the local economy.
Today, I still hold to my recommendations from last year, but I think there is more at stake right now. I believe our leaders in Washington are playing a dangerous game. Perhaps they should read again what Thomas Jefferson reminded his fellow citizens in his First Inaugural Address, that happiness and prosperity rested upon,
“A wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned.” This, he thought, was “the sum of good government.” Thomas Jefferson
Today, government borrowing has created a staggering national debt – now an incredible 94% of GDP. That not only threatens our stability now, but it will be a burden to our children, and our children’s children. The so-called stimulus did nothing, except create problems we’ll encounter further down the road. Our national debt has increased by 86%. Unemployment is stuck at more than 9%, and we all know the real number is much, much higher than that.
Obviously our local economy remains at the mercy of decisions made in Washington. So tonight I’m going to take a broader perspective, and talk to you about our legacy as a nation, and then focus in on what I perceive to be our best hope for getting out of this situation – a greater involvement by all of us in the education of our children.
We need to return to teaching American history in a way that will renew their appreciation for this country’s greatness and its unique position as a beacon of freedom in the world….by teaching our children the principles put in place by our founding fathers.”