In 1988, I invested most of the earnings from this lecture circuit acquiring the leasehold on Connecticut’s Stratford Inn. Hotels, inns and restaurants have always held a special fascination for me. The Stratford Inn promised the realization of a longtime dream to own a combination hotel, restaurant and public conference facility — complete with an experienced manager and staff.
In retrospect, I wish I had known more about the hazards and difficulties of such a business, especially during a recession of the kind that hit New England just as I was acquiring the inn’s 43-year leasehold. I also wish that during the years I was in public office, I had had this firsthand experience about the difficulties business people face every day. That knowledge would have made me a better U.S. senator and a more understanding presidential contender.
Today we are much closer to a general acknowledgment that government must encourage business to expand and grow. Bill Clinton, Paul Tsongas, Bob Kerrey and others have, I believe, changed the debate of our party. We intuitively know that to create job opportunities we need entrepreneurs who will risk their capital against an expected payoff. Too often, however, public policy does not consider whether we are choking off those opportunities.
My own business perspective has been limited to that small hotel and restaurant in Stratford, Conn., with an especially difficult lease and a severe recession. But my business associates and I also lived with federal, state and local rules that were all passed with the objective of helping employees, protecting the environment, raising tax dollars for schools, protecting our customers from fire hazards, etc. While I never have doubted the worthiness of any of these goals, the concept that most often eludes legislators is: “Can we make consumers pay the higher prices for the increased operating costs that accompany public regulation and government reporting requirements with reams of red tape.” It is a simple concern that is nonetheless often ignored by legislators.
A Politician’s Dream Is a Businessman’s Nightmare: A 1992 column on the realities of running a business, by George McGovern, the 1972 Democratic presidential candidate, who passed away at the age of 90 in October.
Timely read.
Redskins wide receiver Gary Clark practices for the 1992 NFL Pro Bowl. Clark was one of many NFL players who wore Zubaz pants, the famous zebra-colored clothing line of the early ’90s. This Monday, Comerica Park will host Zubazpalooza II. For a $30 fee, fans receive a mezzanine ticket to the game against the Yankees and a pair of Tigers-colored Zubaz pants. Sadly, the event is already sold out. (NFL/Wireimage)
GALLERY: Zubaz and Sports | Classic Photos of the Washington Redskins
Twin Towers from the East River, July 4th, 1992.
