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July 18, 2011

Why the recovery isn’t working

by beaufou

The last employment numbers were terrible, 18 000 jobs created when the economy needs to create at least 150 000 to keep up with population growth. GDP is hovering around 2% with not just cooked up books, they are roasted by rounds of Federal Reserve money printing and delusional Wall Street gains, but the government still somehow believes some recovery will come from its current policies.
It won’t because now we are hearing propositions for austerity, the killer of all recoveries after a credit crisis.
People are deleveraging seeing hard times coming, the artists formerly known as consumers no longer exist and there is an excedent of 9 million workers in the country, money thrown at bankers and speculators simply isn’t going to cut it.
We need a plan to put people back to work, with decent wages, no more mac jobs, a plan to renovate the infrastructure for example would create jobs and a much needed favor to the nation, bridges and roads are looking more and more like third world installations.
In addition, rather than offering tax cuts to billionaires, Congress should cut payroll taxes for small businesses, a free year for every new employee and also put an end to illegal workers advantages by offering a pay as you go green card; it would generate revenue and keep the average wage up to first world standards.

Read more from economy, politics

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