In Defense of Profit

by Brad Peck

Don Brunell, president of the Association of Washington Business, "Why America needs to stop acting like profit is a 4-letter word" (via awbolympia):

Our economy is the best in the world because anyone can take a chance and start a business, whether it’s kids selling lemonade or Boeing delivering a 747. That’s why people flock to America!

Profits also allow companies to do good things. According to the Chronicle of Philanthropy, private companies and foundations donated more than $1.3 billion in the wake of Hurricane Katrina. In the first few days following the Haiti earthquake, U.S. companies quickly donated $83 million for food, shelter and medical care, and corporate donations continue to flood in.

...Profits don’t fall from the sky, and not every business makes money. They are the result of hard work, long hours, sleepless nights, innovation, good management, good customer service and people who are willing to take risks...Because consumers have choices, a company profits only when it finds ways to produce a better product, cheaper and faster. So, rather than being viewed as bad, profits should be seen as a sign that American companies are doing something right.

That’s not to say all business folks are angels. But for each highly-publicized scoundrel like Bernie Madoff, there are millions of honest employers struggling to make payroll, loan payments and help their staff feed their families. If America is going to climb out of this punishing recession, the private, job-creating and tax-paying sector will lead the way...Instead of punishing American success through regulations and higher taxes, our government should step back, look at our competition and find ways to clear the hurdles for our business to compete.

Full piece here.