Nina Easton, senior editor at large from Fortune magazine, has an important opinion piece in the September 5, 2011 issue of the magazine. She points out that President Obama has spoken of jobs over 200 times since taking office. He signed an $820 billion stimulus package and an $18 billion construction bill. There was a economic recovery board chaired by Paul Volker and a newer group headed by GE’s Jeffrey Immelt.
And none of this has worked. One out of five American men is not collecting a paycheck now.
[ http://finance.fortune.cnn.com/2001/07/25/unemployment-job-skills-training/ ]
Easton doesn’t approve of the Obama administration’s to a pro-growth tax policy or to reduction in regulations in order to stimulate economic growth and new jobs. She is not confident in Republican approaches to the problem, either. Specifically, she writes that the following ugly truths need to be faced:
And none of this has worked. One out of five American men is not collecting a paycheck now.
[ http://finance.fortune.cnn.com/2001/07/25/unemployment-job-skills-training/ ]
Easton doesn’t approve of the Obama administration’s to a pro-growth tax policy or to reduction in regulations in order to stimulate economic growth and new jobs. She is not confident in Republican approaches to the problem, either. Specifically, she writes that the following ugly truths need to be faced:
- 44% of the unemployed have been without work for over a year. Their skills are rusting, and if they are young they haven’t even gotten a career started.
- Washington spends $18 billion a year on training and it is ineffective in denting the high unemployment rate. Businesses are not offering enough relevant training to new workers, either.
- Safety nets were designed to help those in trouble, but these structures are contributing to the problem. Some people go back to work because their unemployment benefits are about to run out. Social Security disability benefits – designed to help the chronically ill – is mutating into a welfare program for non-elderly adults who are discouraged from finding a job once part of the program.
- This is worse than 1982. There’s more long-term unemployment. There’s been no sharp rapid recovery as there was in 1983-4. Easton writes, "Recent studies show that U.S. companies will actually face a talent shortage in 10 years, even as growing numbers of teens drop out of school and millions of once-talented adults fall idle."
Easton wonders if this country has given up on millions of Americans. She wonders if there is a politician who wants to address this question.
Summarized by the blog author from: http://finance.fortune.cnn.com/2011/08/24/washington-needs-to-wake-up-to-the-jobs-crisis/
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