Mr. Reich could also read how the Business Roundtable, a group of big businesses that has been mostly favorable toward President Obama that has broken with him because of a series of policy moves which they find hostile toward job creation. The troubling policies cited include stalled free trade agreements, restrictions on drilling, end to secret ballots in union elections, increased taxes on foreign earnings, expanded damages for pay discrimination and EPA regulation of greenhouse gases. They claim the Administration exhibits through these policies and other moves an anti-business atmosphere that has put a chill on expansion of United States operations.
Or he could just pay attention to the political landscape in the country. People are highly concerned about the level of debt being created by the various governmental levels. Reich would have to consider the political furor to be borne from ignorance in order to come to the conclusion that more governmental debt is the only solution to our economic woes. But that would be counterintuitive as even if you felt the hordes of dismayed individuals to be totally ignorant, you would still have to accept that their perceptions have had a chilling effect on the economy and job growth and thus tax revenues. Throwing more debt on the pile will just cause an even greater reaction with an even further stall of private sector activity.
Mr. Reich is not the only egghead on the left who endorses further governmental recklessness. Paul Krugman has expressed similar thoughts in his column for the New York Times. Certainly they provide each other comfort. In turn, the Obama Administration is encouraged and offers more debt-based expenditures like the $50 billion gift to the states to keep union employees for their governments off the unemployment lines and states from facing the reckoning of their long-term financial malfeasance.
The private sector will create the necessary level of jobs to bring the unemployment level down to a historical level of full employment when one of two things happens: Either Obama stops listening to people like Reich and reverses his anti-business policies hindering job growth, or we wait until January 20, 2013 to inaugurate president #45.
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