A blog I read almost everyday is that of Brad DeLong, Economics Prof at UC, Berkeley. The link is to his introduction to a planned weekly get-together of economists
If nothing else read the Keynes quote at the end of DeLong’s comments.
After reading this, and other posts on DeLong’s blog, I would ask you to think about the following:
The public says it wants to see government spending cut — and the Tea Partiers really, really want spending cut — but people don’t want to cut any program they like; and they like almost everything. What’s a conservative to do?
Now, go and read this Bloomberg piece, in which Scott Brown, “the most accurate forecaster of the jobless rate over the past two years” says the economy will grow 2 million new jobs but the kicker is further down in the article
Some companies are focusing on adding hourly staff to boost sales, while reducing higher-paid management positions.
Lowe’s Cos., the second-biggest U.S. home-improvement retailer, plans to add 8,000 to 10,000 weekend sales positions to improve staffing at the busiest time of the week. The Mooresville, North Carolina-based chain also will cut 1,700 middle-management jobs as profit growth trails that of larger rival Home Depot Inc.
More jobs but at lower wages will not help the economy grow at the rate needed to maintain expected living standards for the majority of Americans nor will the cuts being called for by the Tea Party help the kids who will be coming along to take those new jobs. An increase in low wage jobs with zero benefits, fewer opportunities for higher education and decreased healthcare for most Americans is not the way forward that is necessary for the US to maintain its position as the big Kahuna in any field except that of military superiority.
The US is falling behind in education standards, healthcare and lifespan but it is still the richest, strongest country in the world. A nation where wages have stagnated since the 70s, while the median household income has increased, although at a much slower rate than the growth in GDP. Our present way of doing things is not sustainable. America has become a nation in which many of its citizens are suffering and yet still shouting out “USA, USA, USA!!!” due to an abysmal ignorance of what is happening in other developed nations