Money, money, money
By Libby
The new jobs report is out. It's not good news. They lost another 60,000+ jobs, that they're willing to admit, when they need to be adding 120,000 just to keep the people solvent.
My man, Bob Reich has a solution.
Unfortunately, it's unlikely it will be better by January, so the next administration will have plenty of time to come up with their own plan.
The new jobs report is out. It's not good news. They lost another 60,000+ jobs, that they're willing to admit, when they need to be adding 120,000 just to keep the people solvent.
My man, Bob Reich has a solution.
Consumers have no money left. This is the first consumer-led recession in over twenty years. Consumer-led recessions are worse than the normal kind, where the Fed has overshot by raising interest rates too high or corporations have pulled back their spending. Consumer-led recessions are deeper and longer, which makes the case for major infrastructure spending. (The normal worry with infrastructure spending as a stimulus is the lag effect -- by the time the spending gets into the system and creates jobs, it's too late. But not this time.)His commenters beg to to disagree, but I think he's right. The people need jobs and the infrastructure is going to shit. It's the ultimate ticking time bomb; a national disaster just waiting to happen. This White House should be working on a plan right now but of course they only like to spend money on foreign wars, so don't hold your breath.
Unfortunately, it's unlikely it will be better by January, so the next administration will have plenty of time to come up with their own plan.
Labels: economy
posted by Libby Spencer at 3:58 PM
4 Comments:
Personally, I don't think this is bad news for the powerful and the wealthy. Indeed, if its not part of the original economic plan that they created, it certainly fits right in.
There is a finite amount of real wealth. Power and control lies with who holds it. That control, and thus influence, increases as the wealth increases.
The lower class is much easier to control and influence than is the middle class simply because they will do just about anything for a little relief.
I don't think the wealthy and powerful in the US are stupid enough to allow the country to sink into an extended recession. I think they are smart enough to.
I tend to agree Brian. This is a feature, not a bug of Bushenomics. The idea all along was to redistribute the wealth upwards. It worked too.
Yes to this post, and yes to these comments; but what I don't fathom is why middle class voters continue to support a "trickle-down" economic agenda that is so decidedly against their own self-interests. Nor can I understand why progressive political candidates don't simply declare the "supply-side" D-E-A-D. Not even conservative economists such as Gregory Mankiw subscribe to this crap anymore.
Don't ask me SC. I don't get it either.
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