Wall and Bay Streets have been recovering nicely over the past few years in the wake of the global financial meltdown, Main Streets haven't been doing nearly as well. Many corporations are sitting on massive balance sheets, while workers like those at Caterpillar have seen their jobs disappear.
What will it take to turn the North American economy around? One word, innovation.
All one need do is look back to the incredible economic growth of the nineties when everything was going digital. Computers, switches, routers, fibre optic cable, business let the dollars fly and the rising economic tide lifted almost all boats.
Now, the cash is there, what we need is a better mousetrap, an electric or hydrogen car, something that will get business investing again.
Think of what would happen if hydrogen fueled or electric cars really took off. If businesses were able to gain a competitive advantage by greatly reducing fuel costs, the investment dollars would flow.
There's a lot of doom and gloom out there, and while the mantra "they'll think of something" may be of little comfort to people who have lost a job that pays well, hope still beats despair.
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