Fed sends reinforcements into battle against unemployment
Ben Bernanke (AP)
The Federal Reserve’s Open Market Committee has voted 11-1 to continue and even accelerate its infusion of cash into the national economy. More importantly, perhaps, it announced that it will continue that policy as long as the unemployment rate remains above 6.5 percent and projected inflation remains below 2.5 percent.
That represents a new, even historic level of commitment on the Fed’s part. In effect, Fed Chairman Ben Bernanke and the committee have re-committed themselves to an analysis that joblessness, not inflation, remains by far the biggest challenge to the economy, and that the Fed is obligated to address that challenge aggressively.
With unemployment still at 7.7 percent, well above historic averages, and inflation at roughly 2 percent, well below historic averages, that’s hardly a controversial conclusion. It’s also important to note that in making this decision, Bernanke and the committee are merely carrying out the responsibilities given them by federal law under the so-called dual mandate. Under that law, they are obligated to manage the money supply to both maximize employment and limit inflation, two goals that at times can come into conflict.
However, that dual mandate is highly controversial among many conservatives, who believe that the Fed ought to focus exclusively on inflation — protecting the value of money and property — while taking no responsibility for trying to encourage low unemployment.
Paul Ryan, for example, has introduced legislation that would strip the Fed of the power to pursue low unemployment as a goal. “The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability,” he wrote in a 2010 op-ed with economist John Taylor. Sen. Marco Rubio recently expressed similar sentiments in a speech to the Jack Kemp Foundation, as have Mitch McConnell, Bob Corker, Jim DeMint and others.
It’s pretty clear that without intervention by the Fed authorized under the dual mandate, unemployment would not have fallen as quickly as it has from the high of 10 percent to its current 7.7 percent. It’s also clear that Bernanke, who was born in Augusta, Ga. and grew up in South Carolina, embraces the dual mandate. As he noted in a press conference this afternoon, it is very important for policymakers to keep in mind the toll taken by unemployment, foreclosures and low-wage growth on actual human beings.
That’s kind of what it’s all about, right?
– Jay Bookman
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389 comments Add your comment
Nero
December 12th, 2012
7:56 pm
Mick,
See, I’m not the bad guy that you guys think I am.
JamVet
December 12th, 2012
7:58 pm
Del meltdown. Is that a deltdown?
We’re gonna see a LOT more con implosions in the next few years.
I’m just doing my part to help facilitate their collective suicide!
0311/8541/5811/1811/1801
December 12th, 2012
7:58 pm
Our nation is truly losing it’s way ………………….
“A proposed new handbook for Americans serving in Afghanistan warns them not to speak ill about the Taliban, advocate women’s rights or criticize pedophilia, and the general in charge is not happy with it.”
Read more: http://www.foxnews.com/us/2012/12/12/proposed-army-manual-tells-gis-not-to-insult-taliban-speak-up-for-women/#ixzz2EtBzBk2p
Doggone/GA
December 12th, 2012
7:59 pm
“See, I’m not the bad guy that you guys think I am”
Not that we think you are…that you tried so hard to MAKE us think you are.
josef
December 12th, 2012
7:59 pm
NERO
DOGGONE
I’m not getting that,,,fill me in,,,
Steve-USA "Right to Work = Freedom"
December 12th, 2012
8:00 pm
Thank God for the Fed, no one else in Washington is accomplishing anything.
saywhat?
December 12th, 2012
8:01 pm
0311/8541/5811/1811/1801
December 12th, 2012
7:58 pm
Our nation is truly losing it’s way ………………….
“A proposed new handbook for Americans serving in Afghanistan warns them not to speak ill about the Taliban, advocate women’s rights or criticize pedophilia, and the general in charge is not happy with it.”
Read more: http://www.foxnews.com/us/2012/12/12/proposed-army-manual-tells-gis-not-to-insult-taliban-speak-up-for-women/#ixzz2EtBzBk2p
—————————————————————-
Sounds more like the Republican congressional orientation manual….
Doggone/GA
December 12th, 2012
8:03 pm
“I’m not getting that,,,fill me in,,,”
Remember the story I told you about my revelation on the subjects of racism and homosexuality?
josef
December 12th, 2012
8:04 pm
DOGGONE
Yes. Thanks, Connection made…
JamVet
December 12th, 2012
8:06 pm
The corporal needs to do some research on Martha McSally. My kind of Republican woman. Her courage to stand up to the DoD will blow his 1950s conceptions of how Republican women are supposed to act out of the water.
And to saywhat’s point, it is the GOP that is a failure – NOT the United States of America.
Occupy that, Uncle Sam haters…
Soothsayer
December 12th, 2012
8:07 pm
“The American economy is still, by most measures, deeply depressed. But corporate profits are at record high. It’s simple: profits have surged as a share of national income, while wages and other labor compensation are down. The pie isn’t growing the way it should – but capital is doing fine by grabbing an ever-larger slice, at labor’s expense.”
– Paul Krugman
This is exactly the conflict that Marx identified as the fundamental, inescapable contradiction of the capitalist system that would eventually create the conditions of its downfall: there is a tendency for the owners of businesses, the capitalists, to accumulate ever-vaster wealth while the people who work for them experience a declining standard of living.
This is a great, informative article. Don’t worry — you can read it without becoming a Marxist. I invite you to do so. You might actually learn something.
josef
December 12th, 2012
8:11 pm
ZamVet
Careful…I may have to name you as a corespondent in the alienation of affections in my divorce from the Wa-do!
No artificial Flavors
December 12th, 2012
8:12 pm
Just bring back a 21st century Civilan Conservation Corp. enough with stimulus, bailouts, QE4,5,6 etc. put the jobless to work building and rebuilding critical infrastructure so that our quasi capitalist system with a firm foundation to launch from. Will it cost money up front? Yes, but coupled with a strict budget, yes budget, it will pay dividends in economic prosperity.
barking frog
December 12th, 2012
8:13 pm
John McCain, Sarah Palin, Mitt Romney and Paul Ryan all could not
win an election against a community organizing anti-colonialist
Kenyan Muslim. No wonder the Repubs are acting out.
josef
December 12th, 2012
8:13 pm
No artificial Flavors
Word. Your mouth to G-d’s ears.
barking frog
December 12th, 2012
8:16 pm
JamVet
Carry on bus driver.
…………………………….
Recon didn’t get the word that you’re a taxi driver.
Recon 0311 2533
December 12th, 2012
8:16 pm
0311/8541,
In spite of the panty waists our combat troops perform beyond the call. Question is how much longer under this pathetic leadership. What about re-enlistments and officers staying in the military? I’ve heard it’s not too good.
Soothsayer
December 12th, 2012
8:18 pm
Just bring back a 21st century Civilan Conservation Corp. enough with stimulus, bailouts, QE4,5,6 etc. put the jobless to work building and rebuilding critical infrastructure so that our quasi capitalist system with a firm foundation to launch from.
Try getting that through the House of Representatives.
There are enough jobs for every American to have one and then some. Unfortunately, these jobs have been shipped to low-wage countries by cut-throat corporations and the Congressional enablers.
As long as corporations can avail themselves of $0.50/hour labor and shelter their income overseas, don’t expect any improvement in our unemployment situation.
josef
December 12th, 2012
8:19 pm
Interesting. I’ll see if I can’t get my boy to come in sometime and tell us about the “panty waist” who saved his life in the Hindu Kush…
barking frog
December 12th, 2012
8:20 pm
no artificial flavors
can we use the welfare recipients, prisoners, homeless and mentally challenged also?
do you actually believe the infrastructure rebuilding can be done by anyone that just
happens to be unemployed?
JamVet
December 12th, 2012
8:21 pm
jonix, the ex-Marine needs to self deport. Again. (The guy has self control issues.)
Roger Waters is tearing up on the Concert for Sandy Relief.
Teacher, leave them kids alone!
http://www.youtube.com/watch?v=fvPpAPIIZyo
Recon 0311 2533
December 12th, 2012
8:22 pm
frog, you should stay on your own lilly pad, you do better that way.
indigo
December 12th, 2012
8:23 pm
One hell of a concert on ion television NOW!!!!!!!!!!!!!!!!!
stands for decibels
December 12th, 2012
8:24 pm
When the country turned its back on Carter it turned its back on the moral high road. We’ve been paying for that ever since.
Lotta truth to that.
josef
December 12th, 2012
8:24 pm
frog
Is this ZamVet
http://www.dailyplunge.com/wp-content/uploads/2010/11/jim-ignatowski-pic.jpg
barking frog
December 12th, 2012
8:25 pm
Recon
thanks, i’ll try to remember that. note to zoomy; jarhead says cease
contact…..
Recon 0311 2533
December 12th, 2012
8:26 pm
Man we used to call them combat sea stories at the VFW now we have panty waist stories about combat in a Hindu Tush.
stands for decibels
December 12th, 2012
8:26 pm
indigo, it’s also on AMC and a bunch of other outlets…
barking frog
December 12th, 2012
8:27 pm
josef
according to him it would seem so….
josef
December 12th, 2012
8:27 pm
FROG
@ 8:20
They did a pretty good job of it back in the ’30s….
ZamVet
Da boy got deep psychological prollems stemmin back from early chilehood…
USA Patriot
December 12th, 2012
8:28 pm
Carter was/is an idiot! Must’ve been POTUS’ role model.
JamVet
December 12th, 2012
8:28 pm
frog, he has delusions of relevance!
The Romney trouncing is playing out in 3D Meltdown Mode these days.
Speaking of new flicks, I am stoked about the new Hobbit film.
Arguably the greatest literature of it’s genre and time…
http://www.youtube.com/watch?v=G0k3kHtyoqc
josef
December 12th, 2012
8:29 pm
And that swipe at my boy and his service to OUR country is why I think you’re, well, about the lowest form of scum….
Keep Up the Good Fight!
December 12th, 2012
8:30 pm
I heard that cross-dressing was well under control in most Marine units….so what’s this about panty waists.
Real Scootter
December 12th, 2012
8:30 pm
Is this ZamVet
ROFLMAO!!!!! Sorry Zam,that’s just too funny.
josef
December 12th, 2012
8:31 pm
ZamVet
“delusions of relevance”
I’m soooo stealing that one!
barking frog
December 12th, 2012
8:31 pm
josef
the unemployed of the 30s were a lot different than the unemployed of today
and so is the construction industry.
Recon 0311 2533
December 12th, 2012
8:31 pm
about the lowest form of scum….
Well maybe better than the lowest form of cum.
Keep Up the Good Fight!
December 12th, 2012
8:32 pm
Jam, looking forward to it myself. One day I hope someone picks up the Foundation trilogy
Thulsa Doom
December 12th, 2012
8:33 pm
“There are enough jobs for every American to have one and then some. Unfortunately, these jobs have been shipped to low-wage countries by cut-throat corporations and the Congressional enablers.”
Nope. Americans as a whole would have less discretionary money that goes into the economy in the way of both consumption and investment. The economic pie would get smaller and we would be less prosperous. The reason we have so much material wealth and goods( a lot of it imported) is because they are at such a low cost. If we had to pay substantially more for everyday household goods that cost pennies on the dollar to make in China, India, or elsewhere we as an economy would be much worse off.
josef
December 12th, 2012
8:34 pm
FROG
There is that…
WA-DO
Wheee, and I thought waaaay back was the last I’d hear from you…
Oh, well, as they say, the short term memory is the first to go….
JamVet
December 12th, 2012
8:36 pm
josef, no but I can definitely relate to some of his characters! Hell for that matter, any of the characters in One Flew Over the Cuckoo’s Nest!
Waters just played a song from (IMUO) the greatest rock album of all time…
http://www.youtube.com/watch?v=vcG47CpsU6c
stands for decibels
December 12th, 2012
8:37 pm
And that swipe at my boy and his service to OUR country
his sort are really feeling their oats after disrespecting Bob Dole last week on the floor of the Senate, aren’t they?
despicable.
oh well, along with Roger and Eddie at the moment, I have become comfortably numb.
josef
December 12th, 2012
8:40 pm
ZamVet
A most underrated character actor, he….
and Pink Floyd? I won’t even try to pick my favorites…
weetamoe
December 12th, 2012
8:43 pm
So all those kids who had a passbook and saved a portion of their allowance or yard work, lifeguard, babysitting, burger flipping income are now Enemies of the State, Hoarders of Cash. No interest for them. No growth of their hard-earned money. If they need anything they have to pray for a few bucks from Obama’s stash.
Nero
December 12th, 2012
8:43 pm
stands,
Did you vote for Dole in ‘96?
JamVet
December 12th, 2012
8:43 pm
Keep, I also loved Asimov!
And Heinlein and HG Wells and Jules Verne and…
And then alas, I “grew up” and moved on. Which in a way, kind of sucked.
jo, can’t remember where I got that one, but always loved it…
josef
December 12th, 2012
8:43 pm
SFD
That must be it…but, like I said, I best not say what I really feel…
stands for decibels
December 12th, 2012
8:45 pm
Did you vote for Dole in ‘96?
no. but I did meet him and shake his (other) hand in ‘92.
No artificial Flavors
December 12th, 2012
8:46 pm
Yes I think many unemployed would find with with a CCC. We are not talking just digging ditches for dams anymore. IT folks, human resource managers, truck drivers, and construction project managers would be utilized in new projects.
Yes there are deadbeats, always has been, always will be. However, when plentiful jobs heat up there is often an innate feeling amongst the chronically jobless that wants a piece of the pie too, especially if couch potato benefits are scaled back.
Prisoners can stay in prison.
stands for decibels
December 12th, 2012
8:46 pm
I best not say what I really feel…
Go ahead. “Blow a goat, ‘USA Patriot.’”
that… was what you were going to say, right? or was it just me?
barking frog
December 12th, 2012
8:47 pm
Bob Dole was a good man, always ready to take notes and get his wife
a good job.
Soothsayer
December 12th, 2012
8:47 pm
Doomy: Explain to the out-of-work, food stamp recipients living with their elderly parents. I think they would have a different opinion than you have.
stands for decibels
December 12th, 2012
8:47 pm
And on that cheery note, I think I’ll bail. Pleasant evening to most.
No artificial Flavors
December 12th, 2012
8:48 pm
*work with a CCC
Real Scootter
December 12th, 2012
8:49 pm
Dang,my ex-wife just called me to say that Pink Floyd is on TV.And we’ve been divorsed for years!
JamVet
December 12th, 2012
8:50 pm
I saw where Heart and Rush were elected into the RRHoF. And I’m sure that for their fans they will be very gracious about it. But really… how awful that in some ways, the place is the biggest joke of a Hall of Fame of all of the Hall of Fames in this country…
That debut album Dreamboat Annie really was spectacular…
http://www.youtube.com/watch?v=RwbNSSyQex8
moonbat betty
December 12th, 2012
8:50 pm
“Did you vote for Dole in ‘96?”
No, but I did stay at a Holiday Inn.
Once.
http://www.youtube.com/watch?v=IukWaNygxJY
Recon 0311 2533
December 12th, 2012
8:50 pm
Well so much for upsetting the lefty slimmers this evening. Good evening to y’all, even the slimmers. Taps
No artificial Flavors
December 12th, 2012
8:51 pm
Oh, and the mentally challenged don’t count in jobless rates, BF
Nero
December 12th, 2012
8:51 pm
Frog,
Yeah too bad it wasn’t you that took that German machine gun fire.
Soothsayer
December 12th, 2012
8:52 pm
“If we had to pay substantially more for everyday household goods that cost pennies on the dollar to make in China, India, or elsewhere we as an economy would be much worse off.”
Here is where we disagree. I think the economy would be much better off. We likely would not have the $1 trillion deficits because our economy would be generating more tax revenue.
The common belief is that if we can ship jobs overseas then costs are reduced. That’s not true. All those whose jobs were shipped overseas are not only not paying taxes (or are doing so a vastly reduced rate), but they are collecting all manner of public assistance.
It’s a zero-sum game.
Soothsayer
December 12th, 2012
8:53 pm
Del, if things get really bad, you can always get your AR-15 and shag on down to the mall and shoot it up.
barking frog
December 12th, 2012
8:54 pm
Nero
A lot of folks took German machine gun fire but didn’t ride it
to a lifetime on the government payroll.
Keep Up the Good Fight!
December 12th, 2012
8:54 pm
Jam, same with me. It was a shame to move on. I did meet the man once. He was very interesting as a lecturer
JamVet
December 12th, 2012
8:54 pm
Real Scootter, THAT is the amazing power of music. Crazy good, huh? For those of us into such things, it does unite us and makes the ride that much more sweet.
Slimmer? Is that an insult?
http://www.youtube.com/watch?v=xSEG6DHlLto
moonbat betty
December 12th, 2012
8:55 pm
http://www.youtube.com/watch?v=4bt_-R5LInU
Soothsayer
December 12th, 2012
8:56 pm
Yeah, Jam! You need to slim down a little.
I’m sorry, I’ve just never been that much of a Pink Floyd guy. Sorry.
moonbat betty
December 12th, 2012
8:59 pm
Jam, this is badas
http://www.youtube.com/watch?v=GWhf98pFeUs
again
Recon 0311 2533
December 12th, 2012
9:00 pm
sooth,
Nah, I’m more into heavier calibers than 5.56 rounds that I’ve saved for the upcoming revolution when left wing S-birds try to take over this great Republic.
Soothsayer
December 12th, 2012
9:05 pm
Scout, just funnin’ with ya. Here’s a great one. Good night all!
Josef
December 12th, 2012
9:05 pm
Slimmer…Wow, I guess he noticed…so sweet of him to let me know…
SOOTH
That’s not what HE goes to the mall for..tap, tap wide stance, ya know…
Real Scootter
December 12th, 2012
9:08 pm
Real Scootter, THAT is the amazing power of music. Crazy good, huh? For those of us into such things, it does unite us and makes the ride that much more sweet.
If music can make you get along with a Repub it has got to be powerful!!
AngryRedMarsWoman
December 12th, 2012
9:12 pm
But what really sucks is that if you did “everything right” and saved your money you have been taking it on the chin for years. Folks used to say if they had a million bucks they could live on the interest….nowadays you are doing really good if you can make $15k in interest off of a million bucks. And no, I don’t want to risk my money…..I just want a decent return at a bank….something that isn’t “zero point something” percent. I already paid off my house, cars, student loans, etc. I would kill for a CD at even 3% but geez 5% or 7% would be nice to see again.
BON JOVI…..spleeeeeeeee
Welcome to the Occupation
December 12th, 2012
9:14 pm
Mark in mid-town : ” If what the Fed is doing is preventing that true increase in unemployment from being even worse — then that’s only an indictment of just how abysmal Obama’s policies have been in *stimulating* an economic recovery”
Perhaps there’s a grain of truth to that. However, the statement appears based on an assumption that there exists out there in the American political spectrum a real alternative, and there is none currently on offer. Obama’s opponents in the other party would pursue a path ten times as destructive as his, with nothing but austerity to offer which would utterly devastate what remains of any hint of economic vitality in our current economy. So, as long as you allow for that basic fact, then your statement does have some validity.
Mick
December 12th, 2012
9:14 pm
I like the format, sing five or six of your hits then get the hell off for the next crew! Works for me…
JamVet
December 12th, 2012
9:18 pm
betty, arguably the baddest ass of all badass. Seriously. Tolkien, Zeppelin and The Wilson sisters all in one! Wow.
It was a magical time to be coming of age.
http://www.youtube.com/watch?v=7Wfc9v5SqPU
Wilbur
December 12th, 2012
9:19 pm
Typical democrats to follow polices that predictably perpetuate high unemployment and general economic misery but then convince stupid people that they are fighting for jobs.
JamVet
December 12th, 2012
9:23 pm
If music can make you get along with a Repub it has got to be powerful!!
And it has, buddy! I’ve been to not one, but two rock shows with Bruno. Somebody I consider a good friend. He reached out to me with a song and I took it from him.
They should have been in within the first five years. Yet it took almost thirty…
http://www.youtube.com/watch?v=4QfvFy2Qy-M
MiltonMan
December 12th, 2012
9:23 pm
t”o continue and even accelerate its infusion of cash into the national economy ” = stimulus. Yes, keep pumping money into the economy to hire more government workers & raise taxes on the evil 2% rich.
Thulsa Doom
December 12th, 2012
9:30 pm
“Here is where we disagree. I think the economy would be much better off. We likely would not have the $1 trillion deficits because our economy would be generating more tax revenue.”
Nope. The economy would be generating less revenue because the economic pie would be smaller.
“The common belief is that if we can ship jobs overseas then costs are reduced. That’s not true. All those whose jobs were shipped overseas are not only not paying taxes (or are doing so a vastly reduced rate), but they are collecting all manner of public assistance.”
Here is where you are more wrong then you could ever imagine. Its a basic premise of economics that free trade makes the entire world better off. Its not a debatable point and is something that just about all economists agree on. Sure. There will be short term winners and losers and some people whose jobs are offshored. Doesn’t matter. The overall economic benefit reaped by consumers exceeds the pain lost by those that were displaced. And those that were displaced will retool and do something else so you’re wrong on that point.
You are approaching it from the liberal mentality that the economy is static. It is not. For example what happened when refrigeration was invented and thousands of ice and milk delivery men were wiped out? Its the same principle as offshoring. Their jobs were gone and not coming back. But that didn’t matter now did it? They went on and found new jobs doing something else in an economy driven by productivity growth.
Now if you believe for example that we would be better off putting tariffs on all sorts of cheap crap from China and elsewhere and bringing back those textile and other jobs to the U.S. then perhaps you need to do a case study of exactly what happens the last time we did this. Google Smoot-Hawley and you will then understand.
“It’s a zero-sum game.”
In the economics world this is considered one of the biggest examples of fallacious thinking- the zero-sum fallacy. And unfortunately it seems to be contagious amongst the liberals of the Bookman blog. We see it everyday. The liberals tend to think that in an economic transaction that one party is necessarily better off at the expense of another party who is necessarily worse off. That mentality couldn’t be more wrong.
If you can go back and find that economics exam that Jay put out months back. I believe these 2 topics were covered in that basic test. And you would be in error on both.
getalife
December 12th, 2012
9:31 pm
The gop are still blocking our recovery.
Get your failed party out of the way cons.
Thulsa Doom
December 12th, 2012
9:35 pm
“If music can make you get along with a Repub it has got to be powerful!!”
Jamvet,
Yep. I remember when we hated each other but the ice was broke with music- thanks to Bruno also. BTW thanks a bunch for sending me that This is life video by the late George Harrison. Loved it and I hadn’t heard that song in years. Its still in my head a month later. Thanks man.
Jay
December 12th, 2012
9:38 pm
“Sure. There will be short term winners and losers and some people whose jobs are offshored. Doesn’t matter. The overall economic benefit reaped by consumers exceeds the pain lost by those that were displaced. And those that were displaced will retool and do something else so you’re wrong on that point.”
Sure, it doesn’t matter. Unless you’re one of those people, and there are tens of millions of them. And “short-term” increasingly means for the bulk of what would have been their working lives, and even if they find other work it is almost always for considerably less than they had been making.
Meanwhile, the benefits of the system that you describe accumulate at the upper end of the scale, where people make twice as much as they would have a generation ago for doing the same kind of job.
Let’s not just brush all that aside as meaningless or of no consequence.
Real Scootter
December 12th, 2012
9:40 pm
JamVet
December 12th, 2012
9:23 pm
Awesome song as usual Jam! Their music brings back lots of good memories,Rush was always one of my favorites.I also liked some of Bruno’s opinion. I try to see everything from both sides.
Drudge
December 12th, 2012
9:44 pm
So…you all think the Democrat plan (as impotent as it is) is viable for more than a few months? Welcome to Greece. I’m insulated, you’re not. I have a place in the Bahamas and an airplane. Good luck when the money runs out…
the red herring
December 12th, 2012
9:47 pm
unfortunately liberals learned nothing from the jimmy carter days. now the answer is to print money and have bailouts—when that fails let’s print more money —when that fails let’s print more money—when that fails lets print more money—soon we will have QE5 and the people that don’t understand the first ones haven’t worked will be pleased as punch to have more easy money. oh and i’ll take jays wager that the deficit will be under 16 trillion when obama leaves office this time. not gonna happen — we are headed for 20 trillion.
Real Scootter
December 12th, 2012
9:47 pm
Jay
December 12th, 2012
9:38 pm
Thanks a lot Jay,now I’m REALLY confused. Whew!
Welcome to the Occupation
December 12th, 2012
9:47 pm
Sure, it doesn’t matter. Unless you’re one of those people, and there are tens of millions of them
And not just that. The statement is false on its face insofar as it is based on a naive and childish utopian belief that the economy will magically even out eventually and restore some minimum of prosperity from which a class of consumers could take hold. But of course without growth, investment in education and training for a broad section of the population, and considerable redistribution of income to support a safety net and provide potential consumers with a bit of future security, then you are never going to to have a critical mass of consumers to support a consumer-based economy. Simply deregulating consumer credit, as has been done here for 2-3 decades, won’t cut it either. Only genuinely widespread opportunity for a solid living income with some disposable income to boot can do that, and that requires access to education, and worker protection that can only come from a labor movement.
GFJacket
December 12th, 2012
9:51 pm
Want to fix the economy and unemployment (which BTW, is much worse than we are being told)? Fix the China currency imbalance. The partcipation rate is at its lowest since the 1970s. A normal participation rate would yield unemployment over 10 percent. It won’t come down until manufacturing returns to the US. That won’t happen until the US forces China to value its currency fairly.
Thulsa Doom
December 12th, 2012
9:52 pm
Jay,
You’re own little exam on economics months back confirms that overall we are better off with free trade.
And I’m not making light of the people that lost jobs but lets be honest about it. People have been losing jobs to offshoring or in the past to technology for a long time. To act like its all of a sudden some new phenomenon is just dishonest. And in a normal recovery like under Reagan people would readily be finding new jobs to replace the one they lost. Aint happening under this potus of course.
Lastly one thing that I find amusing about liberals is that most of you are pro immigration. Well what is immigration? Its just offshoring American jobs to immigrants(many illegal) who came here and displaced native born Americans and who hurt the people the Americans most vulnerable- unskilled labor. The hypocrisy is something to see.
Now you’ll probably come back and say that some of that that money made stays in our economy. That’s somewhat true. But some of it gets sent to other countries thus leaving our economy. Some of it isn’t taxed at all and again there is that pesky problem of native born Americans having their jobs “outsourced” to someone right underneath their nose. The hypocrisy is nothing short of amazing.
moonbat betty
December 12th, 2012
9:52 pm
Red Mars:
http://www.youtube.com/watch?v=s86K-p089R8
Welcome to the Occupation
December 12th, 2012
9:53 pm
the red herring: “unfortunately liberals learned nothing from the jimmy carter days. now the answer is to print money and have bailouts”
Are you joking? You think the bailouts are purely a ‘liberal’ phenomenon?
” not gonna happen — we are headed for 20 trillion.”
From your post I’m assuming your solution is austerity. Cut, cut, cut.
And of course if you’ve paid any attention to what’s been happening in Europe lately, you’ll know what a stupid idea cutting is. That is, if as you claim your concern really is the deficit.
Speaking of Europe….
Drudge: “Welcome to Greece”
Dumb. Truly dumb.
Study some basic recent economic history. Study it with an open mind. And that should correct your distorted vision.
GFJacket
December 12th, 2012
9:53 pm
http://faircurrency.org/blog/?p=104
JamVet
December 12th, 2012
9:54 pm
Wilbur true, but along with the GOP they are just the flip sides of the same corporate coin.
The worst government that mountains of dirty money can buy.
But even with our woes, we’ve still got a heckuva great thing going on here! And lots to be thankful for; let’s not forget that.
The Rolling Stones are on now?! Wow! I think I heard them once or twice…
http://www.youtube.com/watch?v=3a7cHPy04s8
thuggishNews
December 12th, 2012
9:59 pm
anybody know where reince priebus has gone? can’t find that mf for sh**
AngryRedMarsWoman
December 12th, 2012
9:59 pm
Thanks, Moonbat. JBJ in tight leather pants….he looks even better today at 50.
Thulsa Doom
December 12th, 2012
10:04 pm
“The statement is false on its face insofar as it is based on a naive and childish utopian belief that the economy will magically even out eventually and restore some minimum of prosperity from which a class of consumers could take hold.”
Nope. Its not false. That’s just your rhetoric getting in the way of facts. Sir it was only 7 or 8 years ago that we were at full employment. And outsourcing was going on long before that.
“But of course without growth, investment in education and training for a broad section of the population,”
I’ll agree with you on the part about growth. Now if we could just get Obama to agree. On the bit about education we are spending more money per pupil on education adjusted for inflation than ever before. So that bit about education and training has just been relegated as baseless rhetoric.
” and considerable redistribution of income to support a safety net and provide potential consumers with a bit of future security,”
We already have a social safety net sir. Haven’t you heard? 47 million Americans are on food stamps . You been asleep somewhere Rumplestiltskin?
“then you are never going to to have a critical mass of consumers to support a consumer-based economy.”
That’s funny. We had a critical mass of consumers supporting a broad based economy just a few years ago.
“Simply deregulating consumer credit, as has been done here for 2-3 decades, won’t cut it either.”
Deregulating consumer credit? Didn’t they just regulate credit cards with a new law a few years ago- thus making credit cards more expensive for everyone? The law of unintended consequences at work . You guys never learn do ya?
“Only genuinely widespread opportunity for a solid living income with some disposable income to boot can do that,”
So there is no widespread opportunity here? So is that why illegals that can’t read or write in their own language let alone speak English brave a dangerous 3,000 mile trip through dangers such as deserts to come here. Cause there’s no opportunity???
” and that requires access to education,”
Perhaps you missed the bit where I mentioned that we are spending more per capita then ever before. And perhaps you didn’t know that subsidizing college via student loans is at record levels. What were you saying again about access to education??? I couldn’t hear you. The facts kept getting in the way.
moonbat betty
December 12th, 2012
10:06 pm
Doom, keep that boot firmly planted.
Just enought pressure to keep them squirming. lol
Thulsa Doom
December 12th, 2012
10:08 pm
“And of course if you’ve paid any attention to what’s been happening in Europe lately, you’ll know what a stupid idea cutting is”
And what’s stupid about cutting bloated benefits or govt? Or do you honestly think that spending money you don’t have is what works. Cause the Greeks are finding out the hard way it doesn’t. One thing that liberals have to learn is that eventually the bill comes due for the profligate welfare state. Exactly what is your solution when they wake up one day and there is no money in the Greek treasury to pay anyone. What then?