<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span></span></div><div><br></div> <div style="font-family: times new roman, new york, times, serif; font-size: 12pt;"> <div style="font-family: times new roman, new york, times, serif; font-size: 12pt;"> <div dir="ltr"> <font size="2" face="Arial"> ----- Forwarded Message -----<br> <b><span style="font-weight: bold;">From:</span></b> Narendra Khot <nvkhot@gmail.com><br> <b><span style="font-weight: bold;">To:</span></b> Artha Kranti <Arthakranti@yahoogroups.co.in> <br> <b><span style="font-weight: bold;">Sent:</span></b> Wednesday, 12 September 2012, 7:01<br> <b><span style="font-weight: bold;">Subject:</span></b> [Arthakranti] Obama's Economic Challenge<br> </font> </div> <br><div id="yiv1693081767">
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<div><br><br><div class="yiv1693081767gmail_quote"><div><br><h1>
The Biggest Economic Challenge of Obama’s Second Term</h1>
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By Robert Reich</div>
<div>
<div> </div><div>The question at the core of America’s upcoming election
isn’t merely whose story most voting Americans believe to be true
– Mitt Romney’s claim that the economy is in a stall and
Obama’s policies haven’t worked, or Barack Obama’s that
it’s slowly mending and his approach is working.</div><div>If that were all
there was to it, last Friday’s report from the Bureau of Labor
Statistics showing the economy added only 96,000 jobs in August – below
what’s needed merely to keep up with the growth in the number of
eligible workers — would seem to bolster Romney’s
claim.</div><div>But, of course, congressional Republicans have never even given
Obama a chance to try his approach. They’ve blocked everything
he’s tried to do – including his proposed Jobs Act that would
help state and local governments replace many of the teachers, police
officers, social workers, and fire fighters they’ve had to let go over
the last several years.</div><div>The deeper question is what should be done
starting in January to boost a recovery that by anyone’s measure is
still anemic. In truth, not even the Jobs Act will be enough.</div><div>At the
Republican convention in Tampa, Florida, Romney produced the predictable set
of Republican bromides: cut taxes on corporations and the already rich, cut
government spending (mainly on the lower-middle class and the poor), and gut
business regulations.</div><div>It’s the same supply-side nonsense that got
the economy into trouble in the first place.</div><div>Corporations won’t
hire more workers just because their tax bill is lower and they spend less on
regulations. In case you hadn’t noticed, corporate profits are up. Most
companies don’t even know what to do with the profits they’re
already making. Not incidentally, much of those profits have come from
replacing jobs with computer software or outsourcing them
abroad.</div><div>Meanwhile, the wealthy don’t create jobs, and giving them
additional tax cuts won’t bring unemployment down. America’s rich
are already garnering a bigger share of American income than they have in
eighty years. They’re using much of it to speculate in the stock
market. All this has done is drive stock prices higher.</div><div>The way to get
jobs back is to get American consumers to spend again. Consumer spending is
70 percent of the nation’s economic activity. Most of it comes from the
middle class and those aspiring to join the middle class. They’re the
real job creators.</div><div>But here’s the problem. Middle-class consumers
won’t and can’t spend because their savings are depleted, their
homes are worth a fraction of what they were five years ago, their wages are
dropping, and they’re worried about keeping their jobs.</div><div>And
they’re no longer able borrow against the rising values of their homes
because the housing bubble burst — which means they can no longer
pretend they’re in better financial shape than they really
are.</div><div>This is the heart of our economic dilemma.</div><div>Last Thursday
night at the Democratic convention in Charlotte, North Carolina, President
Obama suggested a way to correct this, or at least not make things worse:
Raise taxes on the wealthy rather than cut programs the middle class and poor
depend on (such as Medicare and Medicaid), give tax incentives to companies
that create jobs in the United States, and invest in
education.</div><div>It’s start but America’s middle class and poor
need far more. They need to be able to refinance their mortgages at
today’s low interest rates. They need a larger Earned Income Tax Credit
– a wage subsidy for lower-paying jobs. And a higher minimum wage
that’s automatically adjusted for inflation.</div><div>They could use a new
Works Projects Administration and Civilian Conservation Corps designed to put
the long-term unemployed back to work.</div><div>They need stronger unions to
bargain for a larger share of the gains from economic growth. And a Social
Security payroll tax that exempts the first $25,000 of income and eliminates
the ceiling (now $110,100) on income subject to it.</div><div>And they need an
industrial policy designed to create high-wage jobs in America.</div><div>In
accepting his party’s nomination for president, Obama said the
“basic bargain” that once rewarded hard work and gave everyone a
fair shot had come undone.</div><div>He’s right. And the U.S. economy
won’t return to normal until that basic bargain is remade.</div><div>If
Obama gets a second term, recreating that bargain — and getting enough
votes from Congress to do so — will be his central challenge, and
America’s.</div><div>
This article was published at NationofChange at: <a href="http://www.nationofchange.org/biggest-economic-challenge-obama-s-second-term-1347371321" rel="nofollow" target="_blank">http://www.nationofchange.org/biggest-economic-challenge-obama-s-second-term-1347371321</a>.
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