September 10th, 2012

Economic Policy Beyond Gimmicks

Economics & Politics

It’s hard to imagine a less satisfactory jobs report at this stage of President Obama’s term. The economy is dead in the water. Obama has no plan but to wait for the upturn. Mitt Romney’s plan to cut taxes would be disastrously worse, plunging us into a deep financial and social crisis.

It’s long past time to face basic facts. America’s economic problems are structural and will not be solved by more tax cuts, quantitative easing, or short-term stimulus. Neither party offers real solutions, though the Republicans’ policies would drive us much faster to ruin.

The big mistake of Obama and his economic team from the start was to treat the downturn as a temporary recession, albeit a very big one. A temporary recession requires a temporary fix. A structural crisis requires long-term strategies. Here we are in 2012 without any long-term strategies except to wait out the crisis.

Read full article at the Huffington Post


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