Robert Reich: America faces a jobs depression

[marmar]

America faces a jobs depression
Keynes was right: only government can get us out of this jobs slump. And only taxing wealth can restore US prosperity

Robert Reich
guardian.co.uk, Thursday 29 September 2011


The Reverend Al Sharpton and various labor unions announced Wednesday a March for Jobs. But I'm afraid we'll need more than marches to get jobs back.

Since the start of the Great Recession at the end of 2007, the potential labor force of the United States – that is, working-age people who want jobs – has grown by over 7 million. But since then, the number of Americans who actually have jobs has shrunk by more than 300,000.

In other words, we're in a deep hole – and the hole is deepening. In August, the United States created no jobs at all. Zero.

America's ongoing jobs depression – which is what it deserves to be called – is the worst economic calamity to hit this nation since the Great Depression. It's also terrible news for President Obama, whose chances for re-election now depend almost entirely on the Republican party putting up someone so vacuous and extremist that the nation rallies to Obama regardless. ...........(more)

The complete piece is at: http://www.guardian.co.uk/commentisfree/cifamerica/2011/sep/29/america-jobs-depression

[OHdem10]

1. Thank Goodness, some one is willing to speak the truth.

[Cool Logic]

2. "...only government can get us out of this jobs slump."

Well, if that was true, Geithner's $3 trillion TARP/stimulus gun and Bernanke's QE rockets would have created an economic boon. The fact of the matter is that politicians do not create jobs; rather, they endeavor to take credit for jobs that are created by the People.

The assemblage of attorneys that comprise the D & R of DC Financial Group are only concerned with enriching themselves and their cronies, at the expense of the People.

[marmar]

3. When Reich says government, I don't think he's talking about TARP.....

He's talking something more WPAish.

[The2ndWheel]

4. It can't keep growing

Physical reality catches up eventually.

[sam11111]

5. WPA funded by Buffet tax. see my sig line

That is my idea, now more on Reich's article
-----------------
Here is what Reich in the OP article advises on taxes:

"The capital-gains tax (now at 15%) should be raised to match the income tax rate. And a wealth surtax of 2% should be applied to all wealth in excess of $7m. "

(My comment - he is looking at wealth, not the usual item of conversation - income)

http://www.guardian.co.uk/commentisfree/cifamerica/2011/sep/29/america-jobs-depression

[Selatius]

6. We just need FDR in the White House and FDR-era Democrats in both the Senate and House majorities.

If we had the trifecta, we could do New Deal 2.0 rather quickly.