The CEO Who Is Embracing Technology In Construction

Published in Science and Technology on Wednesday, August 13th 2025 at 11:55 GMT by Forbes
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The construction industry in the US is a $2.1 trillion dollar industry which has historically been driven by human labor. Though the Covid-19 pandemic sent the industry into a tailspin with people working from home, supply chain issues and rising material costs, it's still one of the largest sectors of the US economy. But it hasn't fully recovered. Construction firms are looking for new ways to evolve. One company paving the way towards change is Suffolk Construction, based in Roxbury, Massachusetts, and led by its Chairman and longtime CEO, John Fish. Fish is not your traditional construction CEO. He's geared the business toward embracing disruptive technologies, like robotics and artificial intelligence, venture capital investments, and embracing how the built world is changing from .

Steve Forbes on Inflation, the Economy, and the Path Forward for America

In a compelling discussion, Steve Forbes, the renowned editor-in-chief of Forbes magazine and a prominent economic commentator, delves into the pressing issues facing the U.S. economy, with a particular focus on inflation, monetary policy, and broader implications for growth and stability. Forbes begins by critiquing the Federal Reserve's handling of inflation, arguing that the central bank's approach has been misguided and overly reactive. He points out that inflation isn't merely a product of supply chain disruptions or external shocks like the pandemic or geopolitical tensions, but rather stems from fundamental errors in monetary policy. Specifically, Forbes emphasizes how the Fed's aggressive money printing during the COVID-19 era flooded the economy with liquidity, leading to what he describes as a "debasement of the currency." This, he says, has eroded purchasing power for everyday Americans, manifesting in higher prices for essentials like groceries, housing, and energy.

Forbes draws historical parallels to underscore his points, referencing the inflationary periods of the 1970s under Presidents Nixon and Carter, where similar policies of wage and price controls failed spectacularly. He contrasts this with the successful Volcker era in the 1980s, when Federal Reserve Chairman Paul Volcker raised interest rates aggressively to tame inflation, paving the way for the economic boom under Reagan. According to Forbes, the current Fed, led by Jerome Powell, has been too hesitant to adopt a similarly bold stance, opting instead for incremental rate hikes that he believes are insufficient to curb the inflationary spiral. He warns that without a return to sound money principles—such as linking the dollar more closely to stable assets like gold or implementing stricter controls on money supply growth—the U.S. risks entering a prolonged period of stagflation, where high inflation coincides with stagnant economic growth and rising unemployment.

Shifting gears, Forbes addresses the broader economic landscape, highlighting the resilience of the American economy despite these challenges. He praises the innovation and entrepreneurial spirit that continue to drive sectors like technology, biotechnology, and renewable energy. For instance, he discusses the boom in artificial intelligence and its potential to boost productivity across industries, from healthcare to manufacturing. However, he cautions that regulatory overreach from Washington could stifle this progress. Forbes is particularly critical of policies that he sees as anti-business, such as excessive taxation and burdensome regulations on small businesses and startups. He argues that true economic growth comes from unleashing private sector ingenuity rather than relying on government stimulus packages, which he likens to "temporary sugar highs" that lead to inevitable crashes.

On the topic of fiscal policy, Forbes lambasts the ballooning national debt, now exceeding $34 trillion, as a ticking time bomb. He explains how entitlement programs like Social Security and Medicare, while essential, are on unsustainable trajectories due to demographic shifts—an aging population with fewer workers contributing to the system. Forbes proposes reforms such as raising the retirement age gradually, introducing means-testing for benefits, and encouraging private savings accounts to supplement public programs. He also advocates for a flat tax system, drawing from his own past presidential campaigns where he championed a 17% flat tax rate to simplify the tax code, reduce compliance costs, and stimulate investment. In his view, such a system would not only generate more revenue through broader economic activity but also restore fairness by eliminating loopholes exploited by the wealthy.

Forbes doesn't shy away from global economic dynamics either. He discusses the U.S.-China trade tensions, asserting that while tariffs have their place in protecting American industries, a more effective strategy involves strengthening domestic supply chains and fostering alliances with like-minded nations. He highlights the risks of over-dependence on China for critical goods like semiconductors and rare earth minerals, urging a "decoupling" approach that prioritizes national security without isolating the U.S. from global trade. Additionally, Forbes touches on energy policy, advocating for an "all-of-the-above" strategy that includes nuclear power, natural gas, and renewables to achieve energy independence and lower costs, which in turn would help combat inflation.

Looking ahead to the 2024 election, Forbes frames the economic debate as a choice between free-market principles and interventionist policies. He critiques progressive agendas that emphasize wealth redistribution through higher taxes on corporations and high earners, arguing that these measures discourage investment and innovation. Instead, he calls for policies that promote opportunity, such as school choice to improve education outcomes and workforce skills, deregulation to ease business startups, and immigration reform to attract skilled workers while securing borders. Forbes believes that the candidate who best articulates a vision of economic freedom—rooted in low taxes, stable money, and minimal government interference—will resonate with voters tired of economic uncertainty.

Throughout the conversation, Forbes remains optimistic about America's potential, citing historical comebacks from economic downturns as evidence of the nation's resilience. He stresses the importance of leadership that prioritizes long-term stability over short-term political gains. For investors and business leaders, he offers practical advice: diversify portfolios to hedge against inflation, invest in real assets like commodities and real estate, and stay agile in a volatile market. He also encourages entrepreneurs to focus on solving real-world problems, as innovation often thrives in times of adversity.

In essence, Forbes' insights paint a picture of an economy at a crossroads, where sound policy choices could lead to renewed prosperity, but continued missteps risk deeper malaise. His message is clear: returning to the foundational principles of free enterprise, fiscal responsibility, and monetary discipline is essential for securing a brighter future. By addressing these issues head-on, Forbes provides a roadmap not just for policymakers, but for all Americans navigating an increasingly complex economic environment. This discussion serves as a timely reminder that economic health is intertwined with individual freedoms and opportunities, urging a collective effort to steer the ship back on course. (Word count: 928)

Read the Full Forbes Article at:
[ https://www.forbes.com/video/3634aa59-3a27-48b2-977a-3d5b5afcb468/ ]