American Economy Revival

(Published in The New Indian Express on 23Aug'10 in Letter to Editor column)

Bikash Choudhury



Americans are very good at philanthropy, recent announcement of Bill Gates & Warren Buffett donating half of their net worth for charity; made the World, sit up and take notice. However, Americans are not generous enough with the Product Life Cycle. They generally believe in use, throw and buy a fresh one; unlike Indians who prefer to use a product much beyond their respective PLC by repair and overhaul which is of course cheaper due to lower labor cost. But, using product over longer period of time has its own advantage if we add the cost of managing waste, cost of pollution and cost of net additional carbon foot print by the use of new products. Use and throw policy of Americans create a high cost economy which at present they can ill afford. Rather, Americans use each product for full PLC and out source repair & overhaul to Indians who are past masters in the trade. This will increase savings in American house holds, reduce per-capita waste, minimize carbon foot print and create a new eco-system for repair & overhaul for each product.

Americans have reached at the peak of their life style that makes the economy a high cost one. At this point of time Americans have to voluntarily give up a few comforts in life that will enable them to pick up jobs at lower compensation and therefore, stop employers from parceling jobs to cheaper destination. Americans can also migrate from weekly to monthly payment of salary system to promote thrift in the economy.

Americans must do what they are best at, that is path breaking innovation; last century, the World was driven by American innovation and that can only be retained by allowing bright minds of World to flourish in their trade in American soil. As half of humanity move from poverty towards a middle class life style; they would consume huge amount of energy which is in short supply. Global challenge would be to meet the energy requirement without adding to the carbon foot print; and, therefore the need for appropriate technology to produce clean & green energy at the cost which ordinary people can afford. Other thing that Americans can contribute significantly is in the area of Natural Disaster Mitigation. As the current trend reveal, natural disaster would happen more often and at more places across the World; as we continue to fight the repercussions of climate change. Though, we can’t prevent natural disaster; at least we can mitigate its effects and minimize the loss of lives with better technology, know-how and Skilled manpower. Americans are well suited to meet these challenges and in the bargain help retain global leadership and value of their currency for Central Banks World over.