Business Leader Richard Steele Responds to #EconomicShutdown

What do the Department of Homeland Security,The Department of State and the Department of Transport have in common?

They’re all vital Federal Government Departments, they’re all Steel Media, Inc. clients, and they’re all shut down.

We at Steel Media, Inc. provide digital advertising to these and other Federal Government departments and agencies (as well as Fortune 1,000 clients) – and they are all shut down.

Important security campaigns for the Department of Homeland Security – for example, the “If You See Something, Say Something” campaign, are on hold. And our key business with the GSA has come to a standstill. 

These are trusted relationships, not easily forged, not easily tested and not easily suspended. In a statement from the U.S. State Department, their media buyer said:

Working with Steel Media has been an absolute pleasure. Their expertise and recommendations help me deliver outstanding results! Work is consistent, timely and detailed. I trust them with any campaign I am working on! They are my go-to for all my Digital Media solutions!” 

These crucial clients, who trust in our reliability, discretion and high professionalism are now furloughed and unavailable, which brings our business with them to a halt – and despite all efforts, stymies our ability to plan, forecast, and fulfill their needs and those of  all our government clients.

The ripple effect of this and thousands of other such scenarios across the nation is critical. We are writing not only on behalf of Steel Media, Inc. but of all business affected by this damaging stalemate.  As Treasury Secretary Jacob J. Lew in a statement urging lawmakers to act, “Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need – a self-inflicted wound harming families and businesses.”

As is evident, Congressional debt-limit standoff in 2011 seriously damaged not only small businesses, but also consumer confidence, household wealth and the stock market slowing down the flow of money and seriously impeding economic recovery.

The ripple effect of this – and thousands of other such scenarios across the nation is now critical. As President Obama said, the United States is at the center of the world economy. If Congress does not vote to authorize an increase of the debt ceiling, the consequences for the fragile US economy could be dire. 

In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008, which resulted in a recession worse than any seen since the Great Depression. 

We at Steel Media, Inc., on behalf of all members of the nation’s business community, the consumers that fuel them and the government departments that regulate/oversee/manage/affect them, urge a swift and responsible resolution to this perilous political and economic conflict.

Richard Steel

Richard Steel serves as CEO, Steel Media, Inc, Founding Partner and President of the GSMA (Global Strategic Marketing Alliance), and a Trade Group Member of the: DMA, MMA, IAB (where he sits on both the Legal Affairs and Public Policy councils), the AMA, EMA, and the DMC-NY, as well as Chairman of his corporation’s Charitable Giving Fund.

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Steel Media, Inc., whose clients include Microsoft, P&G, Charles Schwab, AT&T, Coca-Cola, Sprint, Wells Fargo, The US State Department, as well as most of the nations largest ad agencies (OMD, Starcom, Ogilvy, Carat, and many others) is headquartered in the Empire State Building in New York City with teams in Chicago, San Francisco, Miami, Dallas, Cincinnati, and Los Angeles.

Additional information can be found at www.steelmediainc.com