Carper assesses stimulus plan in Delaware

Sen. Tom Carper visited Clayton Hall Nov. 9 to discuss Delaware's involvement in the national debt crisis. He blamed mortgage brokers and Americans "living above their means" as leading causes for the economic recession. 

"I think the stimulus plan is almost made to order for Delaware," Carper said.

He told the audience that Delaware will survive this recession. Quoting Albert Einstein in saying, "In adversity lies opportunity." He said clean energy jobs will provide wealth to the nation, but only if Congress puts a price on carbon.

William Poole, an economics professor at the university, disagreed with Carper's stance on subsidized spending. Poole called the economic situation right now a "federal, fiscal train wreck."

"Much like a family blows through its inheritance, we are blowing through the good credit in the United States," Poole said.

Dan Rich, a public policy professor who stepped down as provost last year, said a sustainable economic future for the state and the nation means the creation of new economies to provide business and jobs.

Poole argued that energy programs are primarily wasteful because they would not exist without the on-going federal subsidy. He said he believes there is a place for federal research but not a place for on-going research for the energy subsidies. Poole said the jobs that come with these technologies will not solve the ultimate problem.  

"Keep in mind you can create jobs by digging holes and filling them up again, but the problem is you're not left with anything when you use resources that way," he said.

Poole said the economy does not need more government spending, but rather more business investments.

University President Patrick Harker said the university's role is especially critical in restoring the state's recovery. He said the new office of economic innovation and partnerships at the university will help launch dynamic new businesses based on university inventions.

He introduced the revamped "How Delaware Compares" Web site, which benchmarks the state's performance against other states and the nations.

"To move forward, we need to know where we are today," Harker said.

Arkadi Kuhlman, CEO of ING Direct, noted that the nation is knee-deep in fraud, internet problems and white collar crime.

"This gambling mentality that has taken over the young generation — it sets the example that this is the lifestyle we want," Kuhlman said.

He said, as an ambassador for Delaware, he refuses to export jobs outside the country because he wants Americans to have more than menial jobs. He said the country's businesses need to get back to ethical principles, not "Can I do this?" but rather, "Should I do this?"

Ellen Kullman, CEO of DuPont, said fundamental changes have to take place to provide for the population, which is expected to increase 50 percent by 2050. She promoted lessening dependence on fossil fuels as a means to utilize the same amount of energy with the increased population. She said the nation needs to focus more on technology for productivity.

Technologies, throughout history, have been molded primarily by private sectors, Poole said. He said the government's role should only be to focus on the research projects.

 "Maybe our only hope for the fiscal future is divided government," Poole jokingly added.

Rich said the next conference, on March 22, 2010, will discuss the future of the non-profit sector in Delaware and the nation.