Robert Reich: A bold jobs plan is also good politics. With more than 25 million Americans looking for full-time jobs, the wages of people with jobs falling, and an economy on the verge of a double dip, the President has to come out fighting on the side of average people.
Robert Reich: Now that we’re slouching toward a double-dip recession, the only hope is voters will tell their members of Congress to stop obsessing about future budget deficits and get to work on the real crisis of unemployment, falling wages, and no growth.
Robert Reich: Barack Obama is one of the most eloquent and intelligent people ever to grace the White House, which makes his failure to tell the story of our era all the more disappointing and puzzling.
Robert Reich: According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation. I’m not making this up.
Robert Reich: The underlying problem isn’t the budget deficit. It’s that so much income and wealth are going to the top that most Americans don’t have the purchasing power to sustain a strong recovery.
Robert Reich: Problem is, when you pay ransom once, you’re almost begging to pay it again. And that’s exactly the pickle the Obama administration is finding itself in.
Robert Reich: GE’s Mr. Immelt may be unhappy with President Obama, but he’ll be far unhappier if the tea party takes over the GOP.
Robert Reich: Face it: The national economy isn’t escaping the gravitational pull of the Great Recession. None of the standard booster rockets are working.
Robert Reich: The people who are suffering the most from the failure of public officials and the greed of large bankers are the least able to endure it. Unemployment among people with four-year college degrees is barely over 5 percent; among high-school dropouts it’s over 25 percent.
Robert Reich: Americans have no choice but to pare back their debt. That’s bad news because consumer spending is 70 percent of the economy. It helps explain why we so few jobs are being created, and why we can’t escape the gravitational pull of the Great Recession without far more government spending.
Robert Reich: Issue Number One — the overriding concern that will determine more than anything how many seats the Dems lose next fall — is jobs. If unemployment is 10 percent or more next November, the Dems are in danger of losing the House and will almost certainly be short of the 60 votes they need in the Senate.
The Administration’s biggest economic mistake so far was to badly underestimate last January how bad the employment situation would become by Fall. As a result, it low-balled the stimulus — settling for a plan that, while avoiding even worse job losses, didn’t go nearly far enough.
It would be hard to get a new stimulus package through Congress, but no member who’s up for reelection next year when unemployment is likely to be in double digits wants to be accused by rivals of voting against steps to help small businesses, public schools, childrens’ health, and average working people who need a tax cut.