Thursday, August 18, 2011

Why the President Doesn’t Present a Bold Plan to Create Jobs and Jumpstart the Economy / Slouching Toward a Double Dip, For No Good Reason

Robert Reich

Americans are deeply confused about why the economy is so bad – and their President isn’t telling them. .......

Without enough consumers, businesses won’t hire enough people and pay them enough to reverse the vicious cycle. So we’re dead in the water. Even the stock market has caught on to the truth...........

Imagine your house is burning. You call the fire department but your call isn’t answered because every fire fighter in town is debating whether there will be enough water to fight fires over the next ten years, even though water is plentiful right now. (Yes, there’s a long-term problem.) One faction won’t even allow the fire trucks out of the garage unless everyone agrees to cut water use. An agency that rates fire departments has just issued a downgrade, causing everyone to hoard water........

The American economy is on the verge of another recession. Most Americans haven’t even emerged from the last one. Consumers (70 percent of the economy) won’t or can’t spend because their major asset is worth a third less than it was five years ago, they can’t borrow as before, and they’re justifiably worried about their jobs and wages. And without customers, businesses won’t expand and hire. So we’re trapped in a vicious cycle that’s getting worse.........

Americans are more frightened, economically insecure, and angrier than at any time since the Great Depression. If our lawmakers continue to obsess about the wrong thing and fail to do what must be done – and they don’t explain it to the nation – Americans will only become more fearful, insecure, and angry. We are slouching toward a double dip, with all the human costs that implies. We don’t have to be. That is the tragedy of our time.....


  1. The Obama administration is not interested at all in creating jobs since the business community actively supports high unemployment. The reasoning here goes is that those with jobs will only be too happy to work long, tedious hours in rat trap sweat shops for slave wages with no benefits.

  2. Oh my !

    You mean you have to sweat to earn a wage !!

    That is to say I have no cradle to grave benefits !!!

    I have to work Looooong hours too !!!!

    Oh my !!!!! I cannot do that !!!!!!

    I'm entitled !!!!!!!

    Do you have ANY clue how this country was built?

    I think NOT

  3. Humm-no mention about where all our jobs have gone and our lousy trade agreements-but the government just hasn't spent enough money. Wrong.

  4. just another writer calling for massive stimulus..


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