- Fortune, Friday, March 20, 2009 10:30 AM
In the government's nearly $800 billion stimulus package, there is one thing missing, according to Bob Pittman, former CEO of MTV Networks and former COO of AOL Time Warner. To get people spending
again, and the economy moving, the government needs to help American businesses advertise their products and services.
Pittman writes that a meaningful resurgence in consumer spending is
necessary right now to get us out of this economic hole, and "maybe some of the current drop in consumer spending is the result of recent cuts in advertising."
Consumers that hold the key to
our recovery are "those who are sitting on the sidelines and waiting, even though they have the money and security to be spending," he says. The government could help by offering advertisers a tax
credit for ad spending up to some percentage of prior-year sales.
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