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The Aftermath of TARP Regulations

March 15, 2009

The U.S. Travel Association, battling to save corporate travel from an image problem sparked by the government’s bailout of large corporations, suggested that businesses may impede their recovery from recession if they slash their travel budgets.

Meetings and Events:

  1. Business travel creates 2.4 million jobs. Meetings & events are directly responsible for 1 million jobs in the United States.
  2. Nearly 200,000 travel-related jobs were lost in 2008, with another 247,000 predicted to be lost in 2009 (US Labor and Commerce Department).
  3. If the 1 million jobs generated by meetings and events were to be lost, the U.S. unemployment rate would rise from 7.6% to 8.2%.
  4. Business travel accounts for $240 billion in spending and $39 billion in tax revenue at the federal, state, and local levels.
  5. A new study shows that 87% of Americans who have attended an out-of-town meeting or convention for work say it is important to running a strong business.

I became aware of this news in a last minute online dry run with MPI’s President and CEO, Bruce MacMillan. 10 minutes prior to his call to action Mr. MacMillan was very anxious to be among the first to share with members new policies and regulations that will dramatically effect the travel and events industry. If you are effected by or want to learn more and/or support MPI and members you can do so at www.meetingindustrycrisiscenter.org

A large volume of my customers in the travel and events industry see the value in and are leveraging Webex online communications as part of their business mix for obvious and strategic reasons however I find myself perplexed at the lack of forethought with regulation created by reaction, numbers don’t lie jobs and families are at stake if we don’t support commerce for the economy.

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