NY Times suggestions to improve the U.S. economy

Some simple suggestions for President Obama from a New York Times editorial, ‘The Jobs Crisis’:

  • extend federal unemployment benefits and the temporary payroll tax cut for employees beyond the end of 2011, which would prevent the loss of around 1.5 million jobs
  • reauthorize hiway trust fund, which is set to expire at the end of September (2011), to prevent the layoffs of current workers and create some 120000 jobs per year for the next three years
  • a 50 billion dollar school renovation program would employ around a half a million of the one and half million unemployed construction workers
  • state governments have lost 700000 teaching and governmental jobs in the last three yuears, this due to insufficient state budgets. One job lost in the public sector translate into one job lost in the private sector, due to a dropoff in consumer spending. Should the federal government increase the federal Medicaid share, which would allow states to increase spending on employees and contractors.
  • Obama should renew efforts to strive for mortgage relief to allow housholds to stabilize their finances and increase consumer spending. The President should work for principal reductions and other load modifications-
  • Congress should move to make concrete Obama’s plans for a public-private infrastructure bank
  • Obama should explain to the public and the Republicans that increased borrowing (a prudent action given today’s low interest rates) now will enable the economy to achieve a state of health whereupon tax revenues will flow back into the public coffers and reduce the deficits.

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