What's Next for the U.S. Economy
http://thedianerehmshow.org/shows/2010-07-06/whats-next-us-economy
President Barack Obama walks with senior staff in the Rose Garden of the White House, prior to the start of the Economic Daily Briefing, June 17, 2010. Pictured, from left, are Senior Advisor Valerie Jarrett, Jared Bernstein, deputy assistant to the President for economic policy, Council of Economic Advisers member Cecilia Rouse, Peter Orszag, director of the Office of Management and Budget, Christy Romer, director of the Council of Economic Advisers, and Jason Furman, deputy assistant to the President for economic policy.
Official White House Photo by Pete Souza via Flickr
The nation's unemployment rate falls to its lowest level in almost a year, but concerns remain about future job growth and the anemic housing market. What's ahead for the U.S. economy.
Guests
David Wessel
economics editor, The Wall Street Journal; author "In Fed We Trust"
Rea Hederman
is a Senior Policy Analyst with The Heritage Foundation.
Dean Baker
co-director of the Center for Economic and Policy Research and author of "Plunder & Blunder the Rise and Fall of the Bubble Economy" (PoliPointPress)
Comments
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The unemployment rate fell because so many people gave up looking for work. Hours worked fell. 50% of home loan modifications go into default in the first year. Mortgage rates are lower and home sales are falling. There is a tremendous pre-foreclosure inventory that threatens prices. Manufacturing activity appears to have peaked. State and local budgets are evaporating. Banks can't make loans. The Federal government is increasing taxes and regulation.
Where is the good news?
The Democrats are letting the Republicans do it to them again. Instead of labeling Democrats as unpatriotic, which stopped them from speaking the truth about the Iraq War, the Republicans now have Democrats cowed in fear of 'adding to the deficit.' This has resulted in an assumption there will be no more stimulus because it is not politically acceptable for either party so businesses have pulled back from spending on equipment and hiring. What better way to get Republicans elected in the Fall? Peggy Kruse, St. Louis
Would your panel talk about corporate responsibility? Don't you think it's time for corporations to put patriotism ahead of profits, stop firing and start hiring. Then I think the rest of us will support those corporations that do help, with out dollars.
We need to produce a lot of raw material that can then be used to manufacture goods. Free Market Hemp can replace oil as a source for fuel, fiber, medicine and food. Everyone can plant hemp like we did in the colonial days and that hemp can be used to create millions of jobs. Why do none of the experts know this? Is NPR afraid to mention the only practical solution to the fossil fuel crisis.
Our forefathers created the first independent economy by growing hemp, that is what homespun means, hemp. George Washington wrote, "Concerning the Indian Hemp, Plant it everywhere".
If we follow the mantra of deficit reduction in a time of recession-I think we're making a mistake. The government should extend unemployment and help people from going into foreclosure. We need tax breaks to create jobs. We need to bring back the program for the $8000k tax break on home purchasing.
If we follow the mantra of deficit reduction in a time of recession-I think we're making a mistake. The government should extend unemployment and help people from going into foreclosure. We need tax breaks to create jobs. We need to bring back the program for the $8000k tax break on home purchasing.
PLEASE GO TO THIS WEB SITE AS I DO DAILY:
http://www.poodwaddle.com/worldclock.swf
This 'oligarcical republic' which is ruled by the 'monied few', and economically leveraged by the "uncoinstitutional" FEDERAL RESERVE, has driven the USA to economic ruin!
The entire economic foundation of this country needs a mass overhaul, or like the Soviet Union, we will surely implode!
Finally we get around to the banks not doing their job and facilitating the cycling of money through their communities. Are they still gambling in the in the realm of backing funny money?
How much of the "stimulus" is not hitting Main Street but instead going overseas.
What is the effect of the gusher in the Gulf on the economy?
A small PR firm in Columbus, Ohio paid more taxes last year than GE, Exxon and Bank of America. What's wrong with this picture?
It is now an employER's market. Manufacturing jobs are outsourced to countries with cheap labor and fewer regulations. Service jobs are done by fewer people doing more work in less time. We, as consumers, get cheap, but shoddy, products and poor service.
The major problem with our economy is the out sourcing of jobs. Unless major steps are taken to reduce or eliminate out sourcing of jobs, this trend will continue and our economy will continue to suffer. Many complain without offering a solution. A radical but sure solution is to require that any product sold in the US must be built/manufactured/produced in the US. Objections to this theory are many but dealt with in a logical way at:
SAVEOURECONOMY.WEBS.COM.
Diane, these fellows are arguing from hardened political positions. We cannot make any headway with the countries problems as along as this is the approach to all discussions on about our future. Both positions may be wrong. They are both very good a putting fourth statistics supporting their position but it is well known that statictics can be and are used to obfuscate reality and facts. We have many universities full of well informed professionals well versed on many topics in this country. The Heritage Foundation is a well known conservative(if not right wing) think tank. Far to often this Foundation gets publicity for its ideas far beyound what the ideas are worth to society as a whole.Please shop around for more variety of ideas to present on your program.
I just turned 62. I was employed full time making $13.50. I was downsized. I was out of work for over a year. Now I'm working 15 hours a week at $7.00 per hour. I also had an $8 per hour part time job with no insurance, no sick pay, and they could schedule me for as few as 14 hours a week. Had to quit, too physically demanding, too many e-room visits, blood poisoning, torn muscle, sprained wrist.
I want our policies to reflect some sort of sanity, thought to the future of our financial and physical well being...that we'll have clean air and water, enough food, care for the young, the sick, the elderly, the service men and women who are injured in body and mind, a roof over our heads, education (which is an investment in our future), and security. Higher taxes are needed. Don't we tell our children, "Honey, you've got to choose between what you want right now, and what you need for your future."
It takes about 1,500 sq. ft. of solar collectors to power a 30 hp. electrical vehicle for about 50 miles a day. It seems that public transportation and communities designed for public transportation are much better solutions.
37 minutes in I ask a tough question. And the panel gives the usual corporate response, they can't help by hiring people, because they are only in it for profit. But why should anyone BUY from companies that don't see their role not only to make a profit, but having a duty to workers, management, suppliers, customers, and their country. Listen to this apology for greed in hard times, and see what you think.
As a consumer what matters to me in hard times above all is price. Did outsourcing make that product cost less, probably. Did the fact that the company that made it laid off a bunch of employees make that product cheaper, you bet. I live within my means, and I'm concerned about my means, cheaper in the long run is going to be my number one purchasing guide for a long time to come.
The outsourcing genie is out of the bottle and it isn't going back.
I don't have enough time in Wal-Mart to figure out what the labor practices are of the companies that make the various pancake mixes. I just know that Hungry Jack is on sale and, as a result, is cheaper than the others.
I thought today's discussion was well balanced and high level. I only wish it had been more optimistic.