A recent issue of Time included an article on economic recovery and five common myths about it. You should read it. It’s a great explainer of what’s working, what’s not working and why.
It’s frustrating to me that Republican leaders aren’t seriously trying to come up with any economic solutions. They seem to be entirely focused on discrediting President Obama while lining the pockets of the wealthy and cutting off aid opportunities for the unemployed middle class.
I would rather see someone who was laid off from a $25,000 to $35,000 a year job due to budget cuts continue to receive unemployment than to see my tax dollars paid as subsidies to oil companies and corporate corn farms, neither of which are hurting right now.
Republicans say that U.S. companies are still manufacturing plenty of goods, but I can’t find a single cat toy in PetSmart that isn’t made in China. Most of the toothpastes that I looked at in Wal-mart are not made in the United States. We have lost thousands of jobs to overseas manufacturing and that means
- lost tax revenue;
- lost social security payments;
- lost consumer confidence.
Where I live, city and county leaders (both elected officials and big fish) talk about attracting new jobs to the area. They are right; we need more job opportunities here. They talk about “high paying” and “high tech” jobs. That would be great, except that many of the unemployed are not going to qualify for those jobs. You have to have the right education and experience to qualify for those jobs.
What could save this country and turn the economy around quickly is for the wealthy to become altruistic.
The Time article says, “American firms generated $1.68 trillion in profit in the last quarter of 2010 alone.” Where is that money going? If the companies would use the jobs to create jobs, the people who get the jobs would be able to buy housing and food. They’d pay into social security and pay income tax (at a higher percentage than the company’s executives and stockholders). They’d go out to eat and see movies and then the restaurants and cinemas and grocery stores and mortgage companies could all hire more workers.
The stockholders and executives won’t starve, and we’ll all be better off in the long run.
Read the Time article, and I hope you’ll come back here and let me know what you think.