Wednesday, December 07, 2011

The solution

As Atrios has so often said is, just give people the money instead of the banksters:

  Corporate America is sitting right on top of the solution to the nation's employment crisis, according to a new report from a group of University of Massachusetts economists. 

If America's largest banks and non-financial companies would just loosen their death-grip on a chunk of the $3.6 trillion in cash they're hoarding and move it into productive investments instead, the report estimates that about 19 million jobs would be created in the next three years, lowering the unemployment rate to under 5 percent.


Ebon Krieg said...

Then we can shopping again; hooray!

sukabi said...

gee, what do you bet they're holding it until after the Kenyan is out of office....

pansypoo said...

paying off 1/2 of the mortgages would have killed 2 birbs

Montag said...

All to corporate America's advantage, and all by design. What better way to depress wages than to create large-scale unemployment?

The Repugs (and any number of Dems) have happily cooperated by not taking up the slack. If neither government nor business does anything to ameliorate the situation, the situation gets no better. Ideally, it should be the government that does the pump-priming in current circumstances, because that pretty much forces private business to gear up to meet the additional demand.

It's no secret why so many in government today are harping about deficits. It depresses spending, which depresses demand for workers, which, in turn, depresses wages and benefits. The wealthy and powerful in this country think they are resetting the wage clock, ensuring high profits, when, in fact, they're cutting their own throats by cutting ours.

Enlightened self-interest is almost non-existent in this country. And we can thank Ronnie Raygun for that attitude.