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Now that we can no longer 'paper over' the economic mess we are in, look for America to look more and more like Detroit. Obama never really came up with any solutions except to roll up the debt to astronomical levels, and he can't do that no more.
'Here’s the kicker. By July, another 1.9 million people will get the boot from extended benefits. By the end of 2014, 1.6 million more will be kicked off, totaling about 5 million Americans.
This will affect not just those five million people, but their dependents as well, which amounts to at least an additional 5 – 10 million people.
Congress and the President propose to extend these benefits for another three months, and most would suggest that this will avert the emergency.
That notion is laughable.
What happens after we kick the can down the road for another three months? Will President Obama somehow magically create 1.3 million shovel-ready jobs?
The problem is that there are no meaningful jobs available. So you can extend these benefits for six months, or even two more years, and we’ll be right back where we started once they expire – perhaps even worse off as prices for everything from food to utilities to health care rise unabated.
However the OP is correct, the problem is there are no jobs available. And while everyone makes this a political topic, I am not sure it is a political topic as much as folks think. Its a structural issue thats going to keep getting worse as automation and other job forces continue.
Honestly, I would rather the government just create another WPA or something to keep people engaged and employed. I don't have a great deal of confidence in the private sector right to create the jobs necessary to restore employment numbers.
We have given the banks unparalled access to cash to encourage lending and create growth. Unfortunately that has not happened and only a very small percent have benefited while many have been robbed of their savings. Banks are using the cash to shore up balance sheets and lend at sweetheart rates to their globalist buddies who are bidding up asset prices (like Real Esate) back to bubble levels all with the taxpayers free money.
Worse, to come into global equilibrium, US wages would need to fall by a great deal, that does not spell much in the way of future prosperity.
I think that we should invest in US infrastructure and the government should hire many of those who are unemployed and engage them in productive activity that benefits the country.
unfortunately, the far right can only dwell on "deficits", which don't mean a great deal when you are the global reserve currency. We will inevitably lose that privilege, so we might as well try and build up our country and potential for future jobs and industry now while we have the privilege of borrowing unlimited amounts of cash. that would be far far more strategic than wasting time ranting about deficits that are essentially meaningless, but cause an enormous amount of needless suffering on the populace.
Honestly, I would rather the government just create another WPA or something to keep people engaged and employed. I don't have a great deal of confidence in the private sector right to create the jobs necessary to restore employment numbers.
We have given the banks unparalled access to cash to encourage lending and create growth. Unfortunately that has not happened and only a very small percent have benefited while many have been robbed of their savings. Banks are using the cash to shore up balance sheets and lend at sweetheart rates to their globalist buddies who are bidding up asset prices (like Real Esate) back to bubble levels all with the taxpayers free money.
Worse come into global equilibrium, US wages would need to fall by a great deal, that does not spell much in the way of future prosperity.
I think that we should invest in US infrastructure and the government should hire many of those who are unemployed and engage them in productive activity that benefits the country.
unfortunately, the far right can only dwell on meaningless "deficits", which don't mean a great deal when you are the global reserve currency.
Back then there were a lot of infrastructure work that could be done by large numbers of people that gave us large returns for the investment in building them. I'm not sure we really have that as much today. The real benefits these days is from educated skilled labor, not being able to swing a pick axe.
I do like the idea a lot though....I am just not sure it will work today.
However the OP is correct, the problem is there are no jobs available. And while everyone makes this a political topic, I am not sure it is a political topic as much as folks think. Its a structural issue thats going to keep getting worse as automation and other job forces continue.
Werent we told Obamacare was going to generate millions of new jobs, because all of those uninsured will now be able go to the doctors?
We have given the banks unparalled access to cash to encourage lending and create growth. Unfortunately that has not happened and only a very small percent have benefited while many have been robbed of their savings. Banks are using the cash to shore up balance sheets and lend at sweetheart rates to their globalist buddies who are bidding up asset prices (like Real Esate) back to bubble levels all with the taxpayers free money.
Worse, to come into global equilibrium, US wages would need to fall by a great deal, that does not spell much in the way of future prosperity.
I think that we should invest in US infrastructure and the government should hire many of those who are unemployed and engage them in productive activity that benefits the country.
unfortunately, the far right can only dwell on "deficits", which don't mean a great deal when you are the global reserve currency. We will inevitably lose that privilege, so we might as well try and build up our country and potential for future jobs and industry now while we have the privilege of borrowing unlimited amounts of cash. that would be far far more strategic than wasting time ranting about deficits that are essentially meaningless, but cause an enormous amount of needless suffering on the populace.
If Obummer and his cronies weren't stealing more than a trillion dollars per year, all that would be possible.
But they are stealing that much, so it isn't.
And more will be stolen via Obamacare, so the deficit will skyrocket.
So what's the point in promising illegals all the great jobs and giving them citizenship so they won't have to pick lettuce but can take any job they like?
Honestly, I would rather the government just create another WPA or something to keep people engaged and employed. I don't have a great deal of confidence in the private sector right to create the jobs necessary to restore employment numbers.
We have given the banks unparalled access to cash to encourage lending and create growth. Unfortunately that has not happened and only a very small percent have benefited while many have been robbed of their savings. Banks are using the cash to shore up balance sheets and lend at sweetheart rates to their globalist buddies who are bidding up asset prices (like Real Esate) back to bubble levels all with the taxpayers free money.
Worse, to come into global equilibrium, US wages would need to fall by a great deal, that does not spell much in the way of future prosperity.
I think that we should invest in US infrastructure and the government should hire many of those who are unemployed and engage them in productive activity that benefits the country.
unfortunately, the far right can only dwell on "deficits", which don't mean a great deal when you are the global reserve currency. We will inevitably lose that privilege, so we might as well try and build up our country and potential for future jobs and industry now while we have the privilege of borrowing unlimited amounts of cash. that would be far far more strategic than wasting time ranting about deficits that are essentially meaningless, but cause an enormous amount of needless suffering on the populace.
Gee- I agree with a lot of that.
1. The reason that "quantitative easing" has not stimulated the economy is that the banks (thank you Federal Reserve system) are using that cash to shore up their balance sheets. Given this, it is not being seen in the economy - this is why we have few jobs created and no inflation.
2. US wages need to fall to reach a "global equilibrium"- not necessarily. Japan and Germany have high manufacturing wages and high union participation among their work force. What do they have that we do not?
a. no NAFTA
b. no China most favored nation trade status
c. no corporate consumption tax
d. no corporate burden of healthcare
3. Invest in infrastructure- I agree- however most of the unemployed have no skills which would allow them to participate and work in such construction jobs. Further, many people are just plain lazy and would prefer to sit at home, rather than work.
4. Deficits- I agree to some extent. Deficits matter when one is unable to "service" that debt (pay the interest without diminishing essential expenditures for the nation). Unfortunately, with our weird Fed Reserve system, if we start cutting spending, we reduce the available cash in circulation, thus precipitating a recession/depression. What could be done?
1. 15% VAT
2. cut corporate taxes to 15%
3. cut all income (including cap gains) to 20%
4. balanced budget amendment
5. earmark 10% of annual revenues to "debt principal". However, rather than "retiring bonds", thus reducing the money supply, issue half of that revenue in "debt free notes" (i.e. currency to be released for federal expenditures independent of bonds). In that fashion, we essentially move toward a more rational debt level while not precipitating a recession/depression.
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