The US economy: The Decade of the Jobless Recovery

The US economy: The Decade of the Jobless Recovery
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A picture is worth a thousand words and a clip is invaluable. Here’s an animation from the BBC News website that explains in a but shell what went wrong in the last decade. It’s the jobs stupid! How can we think of restarting the economy solely by pleasing shareholders, increasing bottom lines but without creating jobs?

There’s something profoundly wrong with this system and definitely insane with the Republican / Democratic parties confrontation. The enemy seems to be definitely within and only a strong leader will have enough charisma to stop the current congress freak show.

It’s the time for a real change.

The last Thomas Friedman post on the NYT is eloquent, clearly underlying the need of a bi-partisan action to get the country out of this abyss:

NYT:”….As for America, we’ve thrived in recent decades with a credit-consumption-led economy, whereby we maintained a middle class by using more steroids (easy credit, subprime mortgages and construction work) and less muscle-building (education, skill-building and innovation). It’s put us in a deep hole, and the only way to dig out now is a new, hybrid politics that mixes spending cuts, tax increases, tax reform and investments in infrastructure, education, research and production. But that mix is not the agenda of either party. Either our two parties find a way to collaborate in the center around this new hybrid politics, or a third party is going to emerge — or we’re stuck and the pain will just get worse.

When the world is experiencing so many wrenching changes at once — with already high unemployment and weak economies — the need for America, the most important pillar of all, to be rock solid is greater than ever. If we don’t get our act together — which will require collective action normally reserved for wartime — we are not going to just be prolonging an American crisis, but feeding a global one.”

BBC News: “First the dot.com bust, then the terrorist attacks on the World Trade Center, the Pentagon and other targets. The United States economy started the decade shaken to the core, but it responded with an astounding economic boom.

Ten years on, however, the US economy is in dire straits again, and most people are poorer than they were before. How did it happen?”

 

Sources:

BBC News – http://www.bbc.co.uk/news/business-14678859

NYT: http://www.nytimes.com/2011/08/28/opinion/sunday/friedman-all-together-now.html?_r=1&partner=rssnyt&emc=rss

Photo Credit: Vacancy By SeeMidTN.com (aka Brent) / FlickR