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Mike Milken's solution for unemployment

Posted by: Helen Walters on February 05, 2009

Each day at TED, there are various hosted lunches, typically fairly quick affairs in which diners gather to listen to one particular topic or speaker or another. Today, I went to listen to Carl Schramm, President and CEO of the Ewing Marion Kauffman Foundation who was talking to legendary financier Mike Milken. The topic of the conversation: “Entrepreneurial Philanthropy: Effecting Transformative Change.” Much was said of the state of philanthropy, in particular that too many wealthy, successful individuals check their entrepreneurial spirit at the door when it comes to doing good. But not surprisingly, the state of the U.S. economy came up front and center.

Here’s how Milken suggested the unemployment crisis could be solved. Easy, he said. “Bring entrepreneurs to America.” Current rules and regulations make it difficult to work in the States, but new standards could attract talent. How does that help? Prescribe that every immigrant coming to start a business employs ten people, spending at least $1 million on payroll. 300,000 immigrants = 3 million employed.

Schramm nodded his support. “Without young firms, there’ll be no recovery.”

What do you think?

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Reader Comments

Sandhya Pillalamarri

February 6, 2009 01:35 PM

The concept makes a lot of sense and could work...but it remains uncertain if the 'new standards' in rules and regulations to work in the States really open doors for foreign talent...in particular, talent that is looking for investment capital for their ideas?

George Richter

February 18, 2009 10:10 PM

Notice that the stores are full. We have a surfeit of food and goods, but because of mechanization and productivity gains, we do not need every body working. So we have laid-off thousands, causing heartbreak and hardships.
If we are able to distribute this wealth of goods, then we can do many things to encourage wise employment and production of goods. We eliminate economic suffering. The book T.E.A.F.S. prescribes such a solution, getting 'Consumer Dollar's’ out to all. TEAFS way rewards best those who contribute most to our well-being.
Go to TEAFS.web.officelive.com and learn more.

Dr. George Richter, PE,CMfgE

ruby claire

October 13, 2009 01:17 AM

can you site some more solution to unemployment????

Richard Baker Sr

November 4, 2009 11:51 AM

I have already submitted my ideal to the president(Obama).Its really simple,Another stimulis package.Hang on a minute.I know what your thinking.More deficit.My ideal has a solution.The pack. would come like a creditcard. It would have to be spent,on things made in the U.S.A.That would stimulate manufacturing.Whitch would stimulate hiring.Now to pay for it.Raise taxes on import goods.10% &5%@the register.call it the patriot tax.When you buy somthing ,not made U.S. your turning your back on your fellow americans! The tax would pay,The stim.pack.off in7or8 months. do it again&again.IMPORTS flooded markets.Root of the problem.Call me 985-466-3163 Richard Baker Sr AKA RED WHITE DISGRUNTLEDBLUE

emmanuela mike

December 17, 2009 09:42 AM

To say all thebest for all the unemployment.

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What comes next? The BusinessWeek Innovation and Design team of Michael Arndt and Helen Walters chronicle new tools for creativity and collaboration, innovation case studies in both the corporate and social sectors, and the new ideas that have the power to change the way things have always been done.

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