If We Don't Solve the Jobs Crisis We May End Up With Our Streets in Flames and Society Dysfunctional

[marmar]

AlterNet / By Marshall Auerback

If We Don't Solve the Jobs Crisis We May End Up With Our Streets in Flames and Society Dysfunctional
Unless our policy makers can make job creation the top priority, the mass riots and burning streets of Europe may be coming soon to a neighborhood near you.

November 10, 2011 |


Employers added fewer jobs than was forecast in October, which lots of folks scratching their heads over what to do about it.

In response to the latest unemployment figures, our nation’s central bank, the Federal Reserve, has again begun talking about additional stimulus measures, such as the purchases of mortgage backed securities (MBS) or a bond-buying program known as “QE3”. But neither of these measures worked before, so why should we expect more success this time?

The Fed’s policies are akin to putting a Band-Aid on a massive bleeding wound. Right now, the US economy is crushed by massive private indebtedness and sluggish job growth. What we really need are policies designed to promote job growth, so that people can service their debts and become open to spending again. Admittedly, the Fed isn’t the only problem. Our whole constellation of policy makers – the Fed, Congress, the Treasury and the White House – keep obsessing about the faux “costs” of the growing budget deficit, rather than the real costs of long term unemployment. And if they don’t give up this flawed economic thinking, then the burning streets and mass riots happening in Europe may soon be coming to a neighborhood near you. ..........(more)

The complete piece is at: http://www.alternet.org/economy/153000/if_we_don%27t_solve_the_jobs_crisis_we_may_end_up_with_our_streets_in_flames_and_society_dysfunctional/

[xchrom]

1. Recommend

[bhikkhu]

2. "neither of these measures worked before"? (R) talking point

We've had positive growth in private sector employment for 20 months in a row, and we have about 140 million total jobs now. I'd happily agree that more is needed and that we need to do better, but the policies that Obama and the Fed have been able to implement (against all repug opposition) have helped to dig us out of recession, and have sustained the weak recovery.

I know its not saying a lot, but "you don't know what you've got till its gone" certainly applies. If weak job growth isn't enough, you'll like the alternative that buying into (R) economics gets you a lot less.

[midnight]

3. We have whole neighborhoods of construction workers out of work...

These faux problems need to take a back seat so the real problems of unemployment get addressed...