On Friday, 14 December, we had the pleasure of joining 800
Denver professionals for the 26th Annual Economic Forecast
Breakfast. The event, sponsored by the
South Metro Denver Chamber, featured a panel of CEOs and senior executives from
large corporations doing business in Colorado.
As expected, the looming fiscal cliff figured prominently in
the discussion. While there was the opportunity for these business
leaders to rail against one side or the other, this did not happen. Whether taxes increase or decrease,
whether spending cuts occur in entitlements or the defense budget, all agreed –
just get on with it.
The key point was this: make a decision.
It’s the uncertainty of the situation that is
keeping companies from investing in the future, creating jobs, and moving
forward with the business of business. The Denver Market
President for Wells Fargo commented that companies are sitting on large cash reserves,
unwilling to invest these funds in an ambiguous environment.
And how are small businesses fairing? Small business lending is at a 12-year low. Small businesses that rely on sub-contracts to the bigger companies –
yes, those big companies that are staying on the sidelines until the fiscal
crisis is resolved – are starving for work.
So, during the holiday season, our letter to Santa might
read something like this:
Dear Santa,
Please bring us a solution that both the White House and
Congress find satisfactory. They don’t
have to like it; they just have to live with it. Make sure the solution doesn't just kick the
can down the road for another six months – the can is flat and the road has
ended. If you bring us a solution, we
can focus on planning for the future and kick-starting the economy.
Oh yes…and a bit of snow for Colorado’s mountains would
be nice, too.
Yours,
The Denver Business Community – large and small businesses
alike
