Bill Cooper's Speech to Committee for Monetary Research and Education
in New York City

5/14/09
It is unfortunate that Prime Minister Ansip from Estonia couldn’t be with us this evening.  I was thinking, in past generations, how many Eastern Europeans risked their lives and left their homeland to escape the tyranny and economic oppression of their governments, for a chance at the American Dream.  I don’t believe they made these sacrifices because of the name “America,” I’m quite certain they did it for the promise of America.  It was the promise of self-determination, the potential of prosperity, and, economic freedom. 

The fact that this evening he intended to speak to us, in America, from Eastern Europe as a respected steward of sound monetary policy struck me as profound! – I would like to:

Thank Howard. Mr. Secretary, ladies and gentlemen, I’m not going to go into my biography except to tell you that I’m an entrepreneur from West Michigan who has built and sold roughly a dozen companies and has been urged to seek elective office.  My Congressman, Pete Hoekstra is retiring to run for governor and I am in the process of preparing to run for his seat in the House of Representatives.

The message that I’d like to convey contains a statement and a question.  The first is that I’m honored to listen to these excellent presentations and I came to CMRE in New York because monetary issues are obviously critical in addressing our nation’s problems.  You can’t have entrepreneurship without sound money, and we may be in for a period of very, very unsound money.

If anyone is curious as to the direction our country appears to be headed, you need do no more than study Michigan.  Michigan leads the country in nearly every negative statistical and anecdotal category.  It is a living example of career politicians raising taxes on businesses to fund centrally controlled social engineering projects.  According to the American Legislative Exchange Council, Michigan currently ranks 50th in the nation when measuring overall economic performance.  It has one of the highest marginal corporate income tax burdens of any other state, not to mention the devastating Michigan Business Tax.  It has gotten so bad that Indiana Governor Mitch Daniels has put up billboards on the Michigan/Indiana boarder saying, “Come on ‘IN” for lower taxes, business, and housing costs”

From the greatest loss of population (3% in 2007 alone), the highest unemployment rate, number 1 for college graduates taking jobs outside of the state, as well as number one for both U-Haul and Mayflower one way rentals out of the state.  In the interest of time, I will stop there, but I assure you I can go on all day.

Recently while discussing Michigan’s economy with Governor John Huntsman of Utah I came to a very simple conclusion; and that is, capital is the necessary lifeblood of any thriving and vibrant economy.  It is difficult to find a growing thriving economy providing good jobs and entrepreneurial opportunities without a large influx of available private capital for investment.

The problem with capital is; capital is a coward!  As soon as capital senses instability, uncertainty or an environment where profitability will be greatly affected by a punitive tax burden, capital will run and hide, seeking refuge in a safer place where there is greater opportunity for profit.  You see, the reason Gov. Huntsman knows this all too well, is because his state has provided a safe haven for capital with its lower tax burden and favorable business environment.  So, Utah is the fastest growing state, and Michigan is currently suffering from acute atrophy.  It is my intention to take the lessons of Michigan’s economy to Washington.

If I am sent to Washington by the citizens of my district, I’m not going to join the “Caucus of the Deaf” who think that Congress can or should abdicate its responsibilities and grant massive powers to the Federal Reserve or Timothy Geithner or Barack Obama.  I will take up the fight for our nation’s principles and for rational economic policies.   I feel if we do not take immediate actions to push back against this forced societal engineering where the greatest individual achievements are limited to the lowest common denominator of the masses, then I sense that the country that our forefathers casted in the foundry of liberty could be lost. 

To accomplish our shared goals I need counsel and advice from each of you.  Your capable and gracious President Elizabeth Currier has already promised to give me CMRE homework to take back with me. 

This brings me to my second question:  What more can we do to battle the Lev-i-a-thon?

Will you get active or more active in politics?  Consider running for public office yourself if you are in any position to do so?  I urge you to get active in your own states and Congressional districts to take back our government and our nation and to influence public policy to affect the principles CMRE teaches.  We currently live in a country where the average 18 to 34 year old male spends significantly more time assembling their fantasy football team, than determining who will govern them and why.  Our system of government requires that we participate.  I am beginning to sense that more people are starting to become engaged, as a result of becoming enraged.  That’s caused me to be hopeful and optimistic about our future.

I reflected on how I could help my own community…one that is hard hit by the recession.  I felt that despite all the burdens that come with running for public office, Congress needs more individuals that understand the marginal costs of taxes and regulations. And most importantly remembering that corrupt money is one of the most onerous of taxes.

I thank the wise men and women speaking tonight.  I’ll carry their message back to Michigan and my campaign.