What will be considered acceptable levels of employment in the future? Will people be glad just to have 30 hour a week jobs and whatever gov't supplements they can qualify for?
In today's parlance I am a "New Keynesian" which means that I believe the old Hicksian macroeconomic model which has been the mainstay of graduate school macroeconomics for the past 70 years, along with more recent refinements in monetary policy and international trade theory. This school of thought generally advocates a stimulus package of two trillion dollars or so over a three year period with emphasis on infrastructure, research, and education; a continuation of present monetary policy, a longer term approach to the debt, tax reform, meaningful financial regulation, and formation of an industrial, trade, labor, and environmental policy that support each other.
The workweek should be average 40--44 hours per week in most job categories. Real wages should reverse their downward trend. Inflation should be targeted at 2--3% per year, and GDP should grow at 4.5--6% in the near term and long range growth should be targeted for 3.5--4.5%. Major measures should be devoted to reducing income and wealth inequality, as the present levels are inimical to economic growth, political & social stability, and democratic government.
Do you truly expect a robust sustainable economy with significant numbers of good paying jobs which are safe from the threat of moving out of the country?
Yes. Bad policy created this depression and good policy can reverse it. If we chose further bad policies such as austerity we can count on becoming a third-rate economic power with a declining standard of living. This is not inevitable, it is the forseeable results of policies we have chosen. Frankly the wealthiest 0.1% of our society actually benefit from this scenario and will do everything in their power to bring it about. The rest of society has the alternatives of letting this happen or demanding a different course. As the old union song goes, "Which side are you on?"
FOOTNOTE: I understand that it is difficult for people to exercise good judgment when they are financially stressed and fearful. In American history this has stopped us in some cases, but never indefinitely. I am ashamed for my profession, for it is obvious that many have sold out for money, prestige, and position. But any economist today who holds to the austerian viewpoint is obviously a fool or a knave. They were trained to know better. The general public can claim ignorance and confusion in the face of opposing "experts" but any trained economist can't take that cope out. They know better.
that writes off the red states of jesusland!
