November 15, 2009

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A neoliberal recovery (excerpt from a Bob Herbert op-ed in the NYT): Wall Street can boast about recovery all it wants, much of America remains trapped in economic hell. It will take a monumental leadership effort by the administration and Congress to spark the kind of changes necessary to transform this wretched employment landscape. Ross Eisenbrey of the Economic Policy Institute has written: “By itself, the private sector is unable to create jobs in the numbers the United States needs to obtain a robust, full economic recovery.” If that’s true, and I have long believed it to be the case, then we need to rethink our entire approach to employment. Conventional efforts to kick-start economic growth are dwarfed by the vast scale of the problem. Bold new efforts — creative efforts — are needed. A recent survey for the policy institute found that one in four families had been hit by a job loss during the past year and 44 percent had suffered either the loss of a job or a reduction in wages or hours worked. Economic insecurity has spread like a debilitating virus through scores of millions of American families. What kind of recovery are we talking about if blue-collar workers, and men and women without college degrees, and large percentages of ethnic minorities and the young and the poor are not part of it? And how can any recovery be sustained if economic insecurity is a permanent feature of even middle-class life? The financial elites have flourished in recent decades...

Jodi Dean

Jodi Dean is a political theorist.

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