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How Not to Create Jobs

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February 01, 2010 – Comments (5)

With unemployment at a 26-year-high, “jobs” have now replaced “home ownership” as the statistical benchmark by which politicians are measured. The president mentioned “jobs” more than 20 times during the State of the Union, and elected officials from both parties are readying a battery of proposals from cutting taxes to expanding TARP all designed to spur hiring.

One of the most frightening comes from Rep. Dennis J. Kucinich (D., Ohio). Kucinich’s scheme involves temporarily reducing the age to receive Social Security from 62 to 60, which would let an estimated four million people leave their jobs and begin collecting early benefits. Younger workers who are currently unemployed would then be able to take those jobs.

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5 Comments – Post Your Own

#1) On February 01, 2010 at 2:23 PM, kdakota630 (29.81) wrote:

Sorry about the ING Direct ad that pops up temporarily.  I'm not exactly sure how that happened.

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#2) On February 01, 2010 at 2:23 PM, mrindependent (96.18) wrote:

Dennis Kucinich is from my geographic area and I can personally attest that he is an irresponsible idiot.  I am not sure you know that he spent most of 2007 and 2008 campaigning as a Presidential candidate despite the fact that he did not have a "snowball's chance in H---".  He missed more than half of the votes in the House of Representatives - thereby depriving his Congressional district of representation.  I think the reason he campaigned is to travel at the expense of his donors.  As I recall, his campaign destinations included Italy and France.  By the way, Dennis Kucinich became mayor of Cleveland in 1977, when he was still fairly young.  During his tumultuous 2 year stint as mayor, he narrowly survived a voter "recall" and earned the name "Dennis the Menace".   It's frightening to see the level of quality  in the US House of Representatives.  I wouldn't hire this guy as a departmental supervisor in my manufacturing plant-- and I definitely wouldn't let him work in the office.

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#3) On February 01, 2010 at 2:38 PM, russiangambit (29.49) wrote:

The truth is that the only way to bring jobs back to the use is deleverage - meaning accept lower wages for workes and lower prices for producers, but that would cause the deflationary spiral that we are unlikely to survive.

Right now many unemployed wouldn't take a job because it won't even pay for their mortgage or rent. They can't live on that salary. Do you know what it means? It means US cost of living is too high compared to what the world has to offer. And that means US lifestyle ahs to downsize. But what to do with all these suburbs and McMansions? If everyone starts downsizing the banks will surely go bankrupt.

This is why perhaps marginally less painful solution is to inflate out of it if possible, which also equals much lower lifestyle but at least banks survive on paper. However, inlfation involves printing dollars and  sticking "our friends and allies" with the bill for the devalued dollar. China seems to be cool with this approach so far. The only issue is what is their long term plan , they have to be getting something in return for their support.

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#4) On February 01, 2010 at 4:29 PM, miteycasey (35.10) wrote:

One of the most frightening comes from Rep. Dennis J. Kucinich (D., Ohio). Kucinich’s scheme involves temporarily reducing the age to receive Social Security from 62 to 60, which would let an estimated four million people leave their jobs and begin collecting early benefits. Younger workers who are currently unemployed would then be able to take those jobs.

 

That's one of the reasons SS began in the first place.

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#5) On February 01, 2010 at 4:45 PM, ozzfan1317 (81.83) wrote:

I disagree with the article so people my age shouldnt be provided more opportunities through the early retirement of the elderly? Doesnt sound like a bad idea to me.

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