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You and the OP are correct. The economy will never really return to its original state and high unemployment is going to stay the new normal for a while. Neither the left nor the right can really repair this. Getting rid of onerous regulations won't bring back jobs since operating overseas will stay cheaper than operating in the USA for quite some time due to massive differences in standard of living. Americans are going to have to take near slave wages for the outsourced jobs to return.
There also has to be a paradigm shift in the current model for any kind of change to occur. The thing is it is too politically and economically risky for anyone to undertake and unfortunately no one in the upper class want any kind of change since it may impact them negatively. There also has to be a new driver in the economy for the economy to return to its original state. Unfortunately there are no new technologies coming up in the forefront that will lead to the massive economic growth during the Industrial Revolution and the Information Revolution of the 80s-90s. I also love how the media is pushing social networking as being this new technology that will create more jobs. The thing is it hasn't really created new jobs or wealth and has more or less just shifted wealth around.
What is the original state of this economy you refer to?
Some people cling to "static" beliefs and don't realize changes have occurred.
Some of these FACTS that are no longer true:
The US is the #1 manufacturer. Not since 2009 it seems.
Full SS benefits occur at 65. No..66 is now the age.
Seniors on SS get back more than they paid in. No, those applying for SS today will get less than they contributed over their working careers.
And those that compare UE numbers pre-1994 to the present numbers and say we're doing better.
In 1994 long term unemployed were dropped from the U-3 numbers.
Most people do not pay attention on changes occurring right now (like brand new GDP calculation method no country in the world has used so far), and you want them to remember something had changed in 1994.
Are you counting SS equal to TANF ?
Sure seniors are dependent on government because government took their money for 30+ years and said they would give it back to them when they retired.
While true, they also had substantially better paying middle class jobs, an excellent economy, and lower cost of living. If any generation should have their retirement funds in order it should be the boomers.
You and the OP are correct. The economy will never really return to its original state and high unemployment is going to stay the new normal for a while. Neither the left nor the right can really repair this. Getting rid of onerous regulations won't bring back jobs since operating overseas will stay cheaper than operating in the USA for quite some time due to massive differences in standard of living. Americans are going to have to take near slave wages for the outsourced jobs to return.
There also has to be a paradigm shift in the current model for any kind of change to occur. The thing is it is too politically and economically risky for anyone to undertake and unfortunately no one in the upper class want any kind of change since it may impact them negatively. There also has to be a new driver in the economy for the economy to return to its original state. Unfortunately there are no new technologies coming up in the forefront that will lead to the massive economic growth during the Industrial Revolution and the Information Revolution of the 80s-90s. I also love how the media is pushing social networking as being this new technology that will create more jobs. The thing is it hasn't really created new jobs or wealth and has more or less just shifted wealth around.
Another problem is the new Revolution may appear not in the US, so not necessarily US will benefit from it.
The economy will never be what it used to be prior to the recession. Things have changed. The entire economy has been restructured so that less workers are needed.
Every month we wait for a job report that is just going to release mediocre news. In April, there was good hiring, yes, but it was almost ALL part time work. And the U6 unemployment rate even increased last month!
Lets face it folks. This is the new normal. I want someone to say that isn't the case in this thread and provide evidence to their claim.
I voted for Obama twice! I do NOT regret my vote. There were huge political battles going on that I knew needed to be won. I WANTED Obamacare to survive. And It did. Me, and voters like me succeeded.
But in this term, I am less optimistic about what will happen under obama's second term. I think the unemployment stats will stay roughly where they are at. They won't change. I am thinking the statis quo is what to expect from here on out for the next four years.
Obamacare did NOT survive. It was passed under reconciliation. It becomes null and void in less than 10 years because the funding is not permanent.
If Americans don't evolve with technology they will be left behind. The way the U.S. doesn't things is out dated, especially its schools.
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