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Tom Friedman’s Wise Gift To Grads

by Mark Bloomfield on June 9, 2010

New York Times columnist Thomas Friedman recently lamented about the job prospects for our upcoming college graduates.

“We owe our young people something better — and the solution is not that complicated, although it is amazing how little it is discussed in the Washington policy debates. We need three things: start-ups, start-ups and more start-ups…”

And what is Friedman’s solution for generating more venture, risk taking and entrepreneurship?

“Nevertheless, I’d also cut the capital gains tax for any profit-making venture start-up from 15 percent to 1 percent. I want our best minds to be able to make a killing from starting new companies rather than going to Wall Street and making a killing by betting against existing companies.”

Friedman clearly has paid attention to what history has taught us when it comes to the stimulating effects of capital gains tax cuts. Let’s hope our Washington leaders aren’t asleep during this lesson.

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