COOPERATION BETWEEN PUBLIC AND PRIVATE SECTORS IS KEY TO ECONOMIC REVIVAL, AMEX CHAIRMAN JONES TELLS WESTCHESTER BUSINESS GROUP
COOPERATION BETWEEN PUBLIC AND PRIVATE SECTORS IS KEY TO ECONOMIC
REVIVAL, AMEX CHAIRMAN JONES TELLS WESTCHESTER BUSINESS GROUP
TARRYTOWN, N.Y., Nov. 21 /PRNewswire/ -- The key to economic revival in New York's Westchester County lies in coalition and partnership arrangements between government and the private sector, American Stock Exchange Chairman James R. Jones told a Westchester business audience here tonight.
Jones praised the cooperation between the public and private sectors in the Westchester area, citing the Westchester 2000 initiative, a joint effort between the county government and the Westchester County Association to prepare for and deal with issues of the 21st century, as an example.
"This kind of creative approach to dealing with important issues will no doubt serve Westchester well down the road," said Jones, who also pointed out some of the county's "unique advantages" -- its successful blend of commercial and residential living; mobility and accessibility to New York City; a talented pool of labor; and an overall superior quality of life.
The Amex chairman made his remarks before the annual fall dinner of the Westchester County Association at the Marriott Hotel in Tarrytown.
Jones cautioned, however, that "more needs to be done as a nation to overcome economic problems that are endemic to all regions of the country."
He indicated that the primary agent of growth is business, and that business grows through increased capital formation and greater worker productivity. "Capital formation depends on savings and investment, and both are woefully inadequate today," Jones asserted.
Much of the initiative to revive the economy has to originate in Washington, said the Amex chairman who urged Washington to take these long-term steps:
-- Reform the tax code to eliminate the current biases that favor
consumption over savings.
-- Eliminate the current bias favoring debt over equity by enacting
legislation to lower the capital gains tax rate.
-- Enact banking and financial reforms aimed at efficiently bringing
capital to where it is needed with minimum cost.
-- Focus on reducing the federal budget deficit and redirect
emphasis on investment in areas such as education and the
rebuilding of America's infrastructure.
Jones formerly served seven terms as a Congressman from Oklahoma. While in Congress he served as chairman of the House Budget Committee and was a member of the House Ways and Means Committee.
/CONTACT: Bob Shabazian of American Stock Exchange, 212-306-1630, or at home, 201-385-0746/ CO: American Stock Exchange ST: New York IN: FIN SU: SM -- NY095 -- 6134 11/21/91 18:00 EST