President Obama has announced he will unveil a new jobs program early next month. Shovel-ready infrastructure projects will probably be part of the program and may be necessary short-term steps to alleviate immediate job shortages. Longer-term solutions also must be included in any economic stimulus and job development program. The steps taken will tell us what the "New Normal" will be in many ways.
No one debates whether future healthcare demographics will be unsustainable at current obligation levels even with a robust recovery. Given the return on investment from today's relatively modest government funding of healthcare research, increased funding to advance medical science is a crucial step toward economic recovery. Such a "double down" in research today has the hope of creating what we began this article by stating: new jobs, higher educational attainment, opportunities for economic growth, improving the quality of medical care in the U.S... It could also finally offer all Americans a real hope in finally holding down or reducing medical costs overall.
Steve Brozak is President of WBB Securities, an independent broker-dealer and investment bank specializing in biotechnology, medical devices and pharmaceutical research. Henry Bassman is a Managing Director at WBB Securities.