This column in the Post today asks the only important question out there.
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by Katrina vanden Heuvel
"Why isn't our government doing more to put people back to work?
Mass unemployment is a human and national calamity. It destroys families, crushes hopes. The longer it lasts, the more it cripples economic recovery and undermines democracy. Nearly 27 million Americans are unemployed or can't find more than part-time work. Yet legislators are reacting to this reality somewhat like the proverbial deer in the headlights, frozen, hoping not to get run over.
<snip>
Yet without a strong argument from the White House, and with a consensus building around the idea that deficit and spending cuts should be the priority, too little is happening on jobs. Last December, the House passed a $150 billion jobs bill. It can't get a hearing in the Senate. This year, Rep. George Miller (D-Calif.) introduced a $100 billion bill for state, local and public service hiring. It hasn't gotten a vote in the House. Even an extension of unemployment insurance and health-care protection through the end of the year faces conservative obstruction. Republicans tend to line up against any new jobs agenda. And when Blue Dog Democrats, worried about deficits, join them, there's not much hope. <snip>
Bad economics and suicidal politics. He got that right. Unemployed workers can't help the economy grow"
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my thoughts...
Over 27 million people unemployed or underemployed today. Between 1980 and 2009 jobs created in the U.S. averaged 110 K a month. During Clinton's tenure it averaged 197K a month. (You don't want to know what it was under W, but consider how that lowers the average). About 125,000 jobs each month is used to employ people just entering the job market, so we will need more than that to begin to soak up the > 27 million walking wounded. Temporary Census jobs will be gone before the summer is over. So if you want the unemployment rate to be around 4, take a couple million out of that, and divide 25 million by the number of months you want to wait while teachers, firefighters, police, teabaggers, construction workers, state and city employees, and others are tossed aside for lack of revenue. Let's say we create 100,000 full-time jobs every month over the 125,000. That's 22 years folks. While families die.
Unless something new appears on the horizon to create jobs, such as government investment in big, big projects (ala WPA or the millions that were hired for WWI - I mean really big) we are quite likely to see 11-12% unemployment by next year. The only good news appears to be that of corporations generating profits overseas as millions of new consumers come on line.
On the other hand our president is making public remarks such as "The truth of the matter is that we're going to have to spend the next couple of years making some very hard decisions getting our deficit and spending under control," he said in response to a question about tax reform. "It's not going to be fun." Where were those remarks when he was insuring a huge income stream for insurance companies, or for investment banks, the new unlimited money for Fannie and Freddie? What spending are you talking about? Social security, the only lifeline many people have since their homes have gone belly up? Our administration knows these numbers, they know what shape people are in. They know we are not Greece, that we have a monopoly on the dollar, that we are not constrained by structure to worry only about the deficit when we are the ones that print the money. We could put people to work finding a new source of energy, designing and building light rail, funding thousands of small business incubators, abandon tuition and enroll millions of people over the Internet to learn to read, write, do algebra. Right? Right!
"Over the past week, top White House officials have been floating a trial balloon for their strategy on the economy. At its core is a decision to put deficit reduction ahead of job creation. <snip>
So the plan, modeled closely on the work of the Peter G. Peterson foundation and the anticipated report of the president's own fiscal commission, is a deal that includes cuts in Social Security plus a new Value Added Tax (VAT), in order to get deep cuts in the deficit. As a sweetener to get Republicans to back the VAT, White House officials would cut the corporate income tax."
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http://www.prospect.org/cs/articles?article=a_new_white_house_economic_strategy> --
HOLY CRAP, WHAT'S THAT YOU SAY? You want to quit spending when we need it so desperately and protect the corporations you have underwritten on the backs of people who can't earn enough to live?
cluelessDoomed is just too weak to describe this.