Sent by FAX - 202-456-2461 - and e-mail
President
George W. Bush
The
White House
1600
Pennsylvania Avenue NW
Washington,
DC 20500
Dear
Mr. President: March 6,
2003
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
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
Prarie
Land & Lumber, Inc.