Hard to believe that a renowned conservative journal would suggest that the Obama administration didn’t spend enough to stimulate the economy and create new jobs, but that’s what this article from The Economist seems to be saying about our jobless recovery:
Most troubling of all is the continued failure of economic growth to benefit the labour market. Employment fell by over 300,000 jobs during the last three months of 2009, despite strong expansion in GDP. The first quarter of 2010 is unlikely to show as big an output gain, suggesting that the pace of improvement in employment may be slowing, even as regular job growth has yet to return. And the situation may be more dire still; initial jobless claims have grown in recent weeks, indicating that what momentum there was in labour markets has been lost. […]
[W]ith the revelation that labour markets early last year were far weaker than expected and the growing indications that the recovery will be jobless, the country’s leaders may be wishing they had done more to boost the economy sooner. The longer it takes to achieve steady job creation, the more uncertain recovery will become.
Well, I suppose Real Conservatives will claim The Economist was never a “real” conservative journal, just like they claimed that Bush hadn’t been a “real” conservative, too. Denial is so easy to do when the alternative is admitting that maybe you were wrong –about everything.
Well, the Economist is certainly a capitalist tool, but probably doesn’t qualify as a conservative journal as that term has come to signify. They are wrong about the basics, IMO, but don’t seem to be fools and liars like their US counterparts. Their special interest rests with getting the markets working again through government intervention, not with cheerleading for some braindead Aynal cult.
Well, the Economist is certainly a capitalist tool, but probably doesn’t qualify as a conservative journal as that term has come to signify. They are wrong about the basics, IMO, but don’t seem to be fools and liars like their US counterparts. Their special interest rests with getting the markets working again through government intervention, not with cheerleading for some braindead Aynal cult.
So, they are socialists!
Nice pun on Ayn Rand btw.
creating new jobs for just people is also a big mistake. Creating job is not the good solution. But Creating demand may be the good solution for the economy.
Stop and think for a minute.
People without jobs do not buy things. There is no demand when nobody has any money.
If you want demand, you MUST have employed people… and it doesn’t matter a bit in this context who that employer IS. People who have jobs and money can buy things, which creates demand for those things. You cannot create demand without jobs. There are not enough people in the top 1% to support an economy.