The latest job loss report is the “worst since December 1974.” In the last three months, 1.8 million have been lost and to put it in a bigger perspective, that’s “half of the 3.6 million jobs that have been lost since the beginning of 2008.”
Paul Krugman notes, in the past couple of weeks we should have been having a “deadly serious debate about how to save an economy in desperate straits,” but instead, the debate turned “into hackneyed political theater, with Republicans spouting all the old clichés about wasteful government spending and the wonders of tax cuts.”
It’s hard to exaggerate how much economic trouble we’re in. The crisis began with housing, but the implosion of the Bush-era housing bubble has set economic dominoes falling not just in the United States, but around the world.
Enough already. It’s time to change the stimulus strategy:
So what should Mr. Obama do? Count me among those who think that the president made a big mistake in his initial approach, that his attempts to transcend partisanship ended up empowering politicians who take their marching orders from Rush Limbaugh. What matters now, however, is what he does next.
It’s time for Mr. Obama to go on the offensive. Above all, he must not shy away from pointing out that those who stand in the way of his plan, in the name of a discredited economic philosophy, are putting the nation’s future at risk. The American economy is on the edge of catastrophe, and much of the Republican Party is trying to push it over that edge.
One chief executive of a publicly traded company has taken an interesting stance that no doubt many of his peers may scoff at. In an OP/ED today, Reed Hastings said, “Please Raise My Taxes.” Hastings thinks President Obama should “take half of our huge earnings in taxes, instead of the current one-third.” Given that tax raise, “the next time a chief executive earns an eye-popping amount of money, we can cheer that half of it is going to pay for our soldiers, schools and security.” Gee, what a concept.
Higher taxes on huge pay days can finance opportunity for the next generation of Americans.
Hastings will get no argument from me on that suggestion. Right now everyone is pontificating about what needs to be done to save the economy, but there really isn’t time to come up with the perfect plan, so let’s get the plan we have now passed through.
Time is a wasting and more and more jobs will be lost, more Americans will lose their homes and their savings. It’s now or never, President Obama and Senate Dems need to get it’s time to change the stimulus strategy. Now.
[Originally posted at TaylorMarsh.com]