I am sure that the miserable little bump of a man wants another trillion dollars in flaccid stimulus.
The problems are deeply systemic and won’t be solved until two things happen:
1. Immigration is restricted. We can’t get past the #1 issue in the labor market that the supply of employees is growing faster than job growth, and that just makes all the other fiscal problems worse. We need to create 150K jobs/month JUST to keep up with population growth, and most of that population growth comes from immigration.
2. “Free trade” has hollowed out the US economy and shipped entire industries off-shore, resulting in a facade of an economy in the form of “service sector” jobs, which are very easy to create... but also often very non-essential and easily eliminated as people decide to not engage those optional services and either do without or do for themselves.
And yet the unemployment rate went to 8.1% for April. Zeros fuzzy math. Look for 7.x% by election time.
The medicine isnt working so we need more of the same.
How do they do it, every month?
“REVISED”: 115,000 -—> 154,000
???
If we small businesses “revised” our numbers like that every month, we’d be arrested for fraud. Oh wait, they’re ***The US Govt***, and they can do that legally, can’t they?
Reich is wrong if the gap between between the rich and everyone else is fundamentally the result of our meritocratic system. If, however, it’s the result of something else, like collusion between the government and the wealthy — i.e. a rigged system — then he might have a point.
Sorry, posted before I wrote out what the second “must do” item is:
We must quit engaging in stupid trade agreements which don’t benefit us. The WTO regs allow responses to currency manipulation on the part of trading partners, and no one is using those features of the WTO - because everyone is doing it and as soon as one country makes some noise, everyone will be bringing an action.
The biggest violator in the market is the PRC, with their peg of the yuan to the dollar. No one wants to take on the PRC, because now the PRC has, thanks to the systemic imbalances, accumulated so much USD-denominated reserves of surplus cash, they’re able to play the sugar daddy to bail out one insolvent nation after another.... with strings attached. They’re rapidly becoming a global economic super power, and we, the US, and idiot “conservatives” among them, have given them this power, thanks to our trade policy.
Someone needs to take on China’s mercantilist power.
There's only so long you can keep saying 2+2=5 and believe it.....there comes a point where they have to cry "Uncle" and declare that 2+2=4 (and one of the 2's are missing)
Amazing! Robert Reich without a doubt sees the problem, describes the problem, and then prescribes the same old Leftist idiocy as the resolution to the problem. Same thing over, and over again expecting different results. That’s a Lefty for you.
Leftists shouldn’t be allowed in office period. Let them tour with a guide, but never let them in.
The Lollipop Guild reports sales down 35%. Even munchkin economists are feeling the pinch.
I submit the hypothesis that we have arrived at a point where for the next six months at least, uncertainty is going to grow and grow. When uncertain outcomes are far away temporally it doesn’t matter anything like when the uncertainty is close, temporally.
The uncertainties that are going to be resolved in the near future include Supreme Court rulings on health care and imigration, the election, huge spending cuts, expiration of tax cuts that would result in devasting tax increases for everyone who pays taxes, especially the middle class and investors.
Why should we be surprised if employers quit hiring completely in the face of so much uncertainty?
Double down on that insanity, Robert. You Marxists can drive us over the cliff even before Labor Day if you just push a little more.
If I was an organ grinder my monkey would look like Robert Reich.
The economy and unemployment is being hammered MOSTLY by high fuel prices, onerous Demcratic/Obama regulation, Obama’s business crucifixtion mob, the potential for the Bush tax cuts to expire again, general Democrat/Obama meddling and tinkering in the market place, and the looming possibility of Obamacare surviving. Fix those things and our economy would be on fire in months.
You mean the trillion dollar stimulus and Obamacare went to only the TOP? You Mean All those Shovel ready jobs went to Millionaires and Billionaires? No wonder I didnt get one of those Jobs.
I think the Insurance companies made a Mistake they Sent the renewal for my Healthcare and it went up 2500 dollars! I am going to send a Copy to Obama so he can take care of that error,Im Sure they meant it is a 2500 dollar Decrease.
Why cant these people report the truth that Obama says instead of all these lies,the Press sucks
I have been saying since 2008 that the depression would doom Obama to being a one-term wonder, with the economy still way down in November 2012. It didn’t take a genius to see this coming 3 years ago.
Sure, Bob, sure. It seems clear to me that 0bama should raise taxes on the middle class. After all, he's stood tall on spending cuts in every budget the country has had over the last three years. Which would be none.