It Is Jobs, Stupid
On September 16, 300 leading economists wrote an open letter to President Obama urging him to focus on jobs, not on the deficit. Commenting on the letter, co-director of the Institute for America’s Future, Robert Borosage, one of the authors of the open letter to the President, clarified that it is “a call for action on the economy and a return to economic common sense.”
President Clinton’s Secretary of Labor, Robert Reich stated, “There is a serious danger that if we continue with the policies that we are now seeing in Washington, we’re going to have not just a double dip recession, but we are toying with the possibility of much more serious deflation and a US lost decade analogous to Japan’s lost decade.”
The number of people in poverty reached its highest level in 51 years, the median household income going down by 0.7% from $49,777 in 2009. And even with that information Sheldon Danziger of the Population Studies Center at the University of Michigan, said, “The good news is there’s less bad news than we thought.” What a spin, I say!
The recent Tea Party win in Delaware and New York Republican Primaries demonstrate how the mainstream Republican Party is losing support, however, there is no succor for the Democratic Party in that news, people are angry and becoming angrier, and their anger would be directed more forcefully against the party in power.
On Sept 7, I had written, “If Obama’s party does not suffer a hemorrhage in the November election; it would be only because their opponents do not have any viable solution to the massive problems that the nation confronts today.”
In their letter, the economists appealed, “The President and Congress should redouble efforts to create jobs and send aid to the states whose budget crises threaten recovery by forcing them to lay off school teachers, public safety workers, and other essential workers. It also makes sense to invest in public service jobs – and in infrastructure projects for transportation, water, and energy conservation that will make our economy more productive for years to come.”
However, Obama’s brilliant advisors do not get it; their faith in “jobless recovery” is so deeply entrenched!
I say, if they do not get it, then it is not in them to get it.