President George W. Bush
Dear Mr. President:
Before you decide whether to attack Iraq, we the undersigned business executives, Republicans, Democrats and Independents, respectfully request the opportunity to meet with you to discuss our concerns about the economic consequences of such a war.
It is no coincidence that in recent weeks the stock market has risen with talk of peace and plummeted when war seems more likely. America is teetering on the brink of renewed recession. The huge surpluses of recent years have vanished into huge deficits which will be magnified by the tens or even hundreds of billions of dollars that fighting a war and securing the peace will require. In the mean time, the budgets of the states and cities, whose services we count on to create positive climates for our businesses, are in shock. And our schools – the training grounds for our future work force and source of the creative minds we will need to prosper in a globalizing economy – are cutting back teachers and programs and increasing class size.
We believe that a war with Iraq could exacerbate all the economic problems that America faces today. For example, a recent analysis by experts convened by the Center for Strategic and International Studies predicted that any war would knock down stock prices by as much as 25 percent, more than undoing any benefit that might accrue from eliminating the tax on dividends. Other experts have pointed out that the war could also raise oil prices, lower consumer confidence, force cuts in federal, state and local programs, disrupt transportation, tourism, and shipping, create a backlash against American brands abroad, and more.
We well understand that the state of the economy should not be the overriding factor in decisions of national and international security. But, as business people, we believe that the economic consequences of going to war should be part of the cost-benefit analysis that drives your decision. We also believe that the potential economic effects of a war need to be understood by the public and those running businesses before the shooting starts.
National dialogue on the potential economic impacts of the war is required. One way to initiate such dialogue would be to meet with a delegation of the undersigned business leaders at your earliest convenience. You can reach us through Gary Ferdman, Executive Director of Business Leaders for Sensible Priorities, TEL: 212-243-3416.
Sincerely,
Peter A. Benoliel
Chairman, Executive Committee
Quaker Chemical Corporation
Dan Mendelson
Senior Vice President
Enterprise Social Development Corp.
Frank A. Butler
President (Ret.)
Eastman Gelatine Corp, a KODAK subsidiary
Mike Dixon
Co-Founder, Principal Architect
PlaceWare, Inc.
Dal LaMagna
CEO and Founder
TWEEZERMAN CORPORATION
Peter Matson
Co-Chairman
Sterling Lord Literisic, Inc.
Nick Sheridan
Cuisine Catering
Pat McGrath
Jordan McGrath Case & Partners
Leland E.G. "Lee" Larson
President
The Larson Legacy Foundation
Thomas R. Durkan, Sr.
Charman of the Board & CEO (ret.)
Durkan Patterned Carpet
Mark Lichty
CEO
Bustin Industrial Products
Ted Williams
Chairman & CEO (Ret.)
Bell Industries
Arnold Hiatt
Chairman
The Stride Rite Foundation
Alan E. Kligerman
CEO
AkPharma, Inc.
Paulette Cole
Partner
ABC Carpet & Home
Jonathan Rose
Affordable Housing, Inc.
Richard W. Torgerson
Registered Principal,
Progressive Asset Management
Erik Thompson
President
Prarie Land & Lumber, Inc.
