On top of everything else this week, on Thursday the President will hold his “jobs summit,” a kickoff for a campaign-style tour promoting … well, something to do with jobs, I’m not sure what. But lest I think that this is some kind of rehash of the Whip Inflation Now campaign, there are at least a few encouraging sings. For one, the guest list for the summit.
Attendees also will include several liberal economists who have been critical of some administration policies, including Nobel laureates Joseph E. Stiglitz and Paul Krugman, the Times columnist, and Jeffrey Sachs of Columbia University. The labor leaders include representatives of unions for service industry employees, steel workers and teachers.
This is in addition the set of CEOs like Eric Schmidt of Google and Randall Stephenson of AT&T, along with small-town mayors and small business owners. Obviously having certain liberal economists in the room during a made-for-TV event with an unclear bearing on policy isn’t determinative, but it’s better than them, well, not being in the room. For instance, Krugman can rely the message he brought to the pages of the New York Times this morning:
If you’re looking for a job right now, your prospects are terrible. There are six times as many Americans seeking work as there are job openings, and the average duration of unemployment — the time the average job-seeker has spent looking for work — is more than six months, the highest level since the 1930s.
You might think, then, that doing something about the employment situation would be a top policy priority. But now that total financial collapse has been averted, all the urgency seems to have vanished from policy discussion, replaced by a strange passivity. There’s a pervasive sense in Washington that nothing more can or should be done, that we should just wait for the economic recovery to trickle down to workers.
This is wrong and unacceptable.
Krugman calls for a jobs program focused entirely on employment rather than something like the stimulus, which was more focused on increasing GDP. That means no general tax cuts or indirect job-creating measures and more direct employment programs, like aid to state and local governments to save jobs, or a small-scale WPA for public service employment. Krugman even endorses a tax credit for employers who hire, which sounds easily gamed to me but is at least an idea.
One White House official told the New York Times that the President would emphasize in the jobs summit that “government has done what it can. It’s time to hear from the private sector about what it’s going to do.” That seems like the wrong approach, especially because we know what the private sector will propose – long-term tax cuts for them.
At least there will be a few people at the jobs summit not mindlessly parroting that line.



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I feel better already! Schmidt and Stephenson will dazzle the multitudes with their job creation acumen and ability to occupy a chair while remaining in contact with the floor.
What will happen, not so much. A President that acts Presidential without doing Presidential acts. DLC meets GOP for a zero sum game.
i’m a big big big fan of stiglitz (an actual progressive! wow!), but this is not his area of expertise, and while krugman and even sachs may have their hearts in the right place, i don’t think their heads are (and they are not progressive economists).
a serious jobs summit needs randy wray, james galbraith and warren mosler. without wray in particular, we can imo safely predict this summit is designed to be the circus without the bread.
is there a complete list of invitees somewhere so i could check for these three?
http://tpmdc.talkingpointsmemo.com/2009/11/google-exec-columbia-prof-union-leaders-among-invitees-to-wh-jobs-summit.php#more
Larry Mishel of EPI and Bob Greenstein of CBPP are a couple of the other economists I like seeing in there. Again, unclear what this jobs summit will accomplish, so take this for what you will.
Everything I hear from the private sector is that they have re-sized to fit the economy. (i.e. We will not be hiring soon nor filling positions which need to be refilled from recent retirements nor creating new jobs.)
Joblessness R US.
thanks for the link dday. i don’t know mishel or greenstein well enough to have an opinion on them — off the top of your head, do you have any particular papers from them on jobs programs i should read? if you can’t think of anything in less than 10 sec, please don’t waste your time as i can use the google if i get motivated enough.
thanks again for the link, none of the three i was looking for were there (you’re probably right about expectations, but i couldn’t help hoping just a little tiny bit).
exactly.
that was why i was looking for wray and friends. in fact am just reading his book, understanding modern money, the key to full employment and price stability, after having it recommended to me by three people in one week (and reading lots of his stuff in working papers, etc).
book is fabulous. will report back on it when i’m done (and already plan to make a request to bev for book salon).
back to reading….
EPI co-sponsored that AFL-CIO event with the five-point plan for public investment and job creation, which had a number of good ideas IMO.
My sense of the jobs summit is that it is cover for the calls to cut the deficit and entitlements and for more tax cuts for Wall Street.
Congress will be left holding the bag and doing the heavy lifting.
LOL, david, are you dating yourself? Thought you were too young to remember the WIN buttons. I do remember them, sadly.
Now to read the rest of your doubtless thoughtful post.
Am glad that at last Krugman is going to the WH.
Ick.
Can we organize a march on washington with the goal of “DUMP RAHM?”
I was 2 during the time of the WIN buttons. I just had a really good high school Social Studies teacher. :)
Hee! I was somewhat older, but I remember them. (I also remember my parents being VERY happy that they got their mortgage back in 1971 and not four years later.)
I’m sure the private sector (you know, goldman sachs, aig, boa, etc) will just step right up and say–oh, hey, why didn’t we think of this? you’re ALL HIRED! how could we have been so thoughtless??? or are the small businesses being targeted? They’ll just complain that they haven’t got any money–receivables aren’t coming in quite like they once did–and sales aren’t so good (or did that “black friday” thing cure all of that??) What a bunch of whiners. What do they expect, government support???