Towards a New Economic Strategy for America – Steps We Can Take in 2010

Publish Date: 
7/23/10
Robert J. Shapiro, Simon Rosenberg, Jake Berliner

The economy today is finally no longer shedding jobs, but as millions of out-of-work Americans know, businesses are creating new jobs at only an anemic rate.  The recent failure by Congress to pass a "jobs bill" with modest and economically-necessary provisions illustrates that, despite all of the disturbing economic data to the contrary, there is not yet broad consensus and policy and political framework for doing more to stimulate job creation.

In a memo entitled, "Towards A New Economic Strategy for America - Steps We Can Take in 2010," we argue that the American economy, in addition to facing dramatic cyclical economic weakness in the Great Recession, is going through large structural changes that call into question the ability of traditional strategies to drive broad-based prosperity. The memo reviews the structural and cyclical forces holding down U.S. job creation and presents a political and policy framework for addressing them in the near term. We argue that America needs a long-term economic strategy, and, that as a down payment on such a strategy, Congress should pass the following five provisions as soon as possible:

  • Aid States and Localities and Extend Crucial and Expected Benefits
  • Cut Payroll Taxes to Stimulate Demand and Create Jobs
  • Provide the Existing Workforce with Free IT and Internet Based Skill Training Through our Community College System
  • Create a Housing Stability Loan Program
  • Create Local Jobs and Innovation Centers

The full memo is available here.

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Obama’s fiscal policies have been especially naïve. He inherited a $1 trillion deficit and immediately announced a “stimulus” bill to raise the deficit by another $400 billion or so per year. -Randall Alifano

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despite all of the disturbing

despite all of the disturbing economic data to the contrary, there is not yet broad consensus and policy and political framework for doing more to stimulate job creation.......
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