Robert Reich Confirms Permanent Destruction of Jobs in America

(Washington’sBlog) – The basic assumption that jobs will eventually return when the economy recovers is probably wrong. Some jobs will come back, of course. But the reality that no one wants to talk about is a structural change in the economy that’s been going on for years but which the Great Recession has dramatically accelerated. Continue reading

The End of Money and the Future of Civilization

It’s too late for anyone to pretend that the U.S. government, whether under President Barack Obama or anyone else, can divert our nation from long-term economic decline. The U.S. is increasingly in a state of political, economic, and moral paralysis, caught as it were between the “rock” of protracted recession and the “hard place” of terminal government debt. Continue reading

Crisis Is Beyond The Reach of Traditional Solutions

November 13, 2008 – By most accounts the US economy is in serious trouble. Robert Reich, an adviser to President-elect Obama, calls it a “mini-depression,” and that designation might be optimistic. The Russian economist, Mikhail Khazin says that the “U.S. will soon face a second ‘Great Depression.’” It is possible that even Khazin is optimistic.

I cannot predict the future. However, I can explain what the problems are, how they differ from past times of troubles, and why traditional remedies, such as the public works programs that Reich proposes, are unlikely to succeed in reviving the U.S. economy. Continue reading

Obama to announce Transition Economic Advisory Board members

On a day when we learn the unemployment rate is at a 15-year-high, the president-elect will hold a press conference at 2:30 PM EST in Chicago after meeting with his Transition Economic Advisory Board.

According to a press release, “The Transition Economic Advisory Board will help guide the work of the Obama-Biden transition team in developing a strong set of policies to respond to the economic crisis.” Continue reading