Memo to Obama:
"For God Sakes, strap on a pair and get to it"
By Mike Whitney
November 08, 2009
Wall Street is finally beginning to grasp that US consumers are busted and won't be able to provide sufficient demand to grow the economy. That's why policymakers are pushing China and India to "develop their domestic markets" to take up the slack in supply. It's another pipedream. Americans consumed nearly $9 trillion last year while China's consumers gobbled a mere $1.2 trillion and India about $650 billion. No one is going to replace the US consumer. The only way forward is government jobs programs, higher taxes for the rich, and price of living increases for workers across the board. A strong economy requires strong demand, that means aggressive redistribution policies that put more money in the hands of people who will spend it---workers. It's not rocket science.
"For God Sakes, strap on a pair and get to it"
By Mike Whitney
November 08, 2009
Wall Street is finally beginning to grasp that US consumers are busted and won't be able to provide sufficient demand to grow the economy. That's why policymakers are pushing China and India to "develop their domestic markets" to take up the slack in supply. It's another pipedream. Americans consumed nearly $9 trillion last year while China's consumers gobbled a mere $1.2 trillion and India about $650 billion. No one is going to replace the US consumer. The only way forward is government jobs programs, higher taxes for the rich, and price of living increases for workers across the board. A strong economy requires strong demand, that means aggressive redistribution policies that put more money in the hands of people who will spend it---workers. It's not rocket science.
posted by Mike Campbell at 5:36 PM
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