President Barack Obama?s re-election bid suffered a blow when the Labor Department released a less satisfactory jobs report. The president has no plan but to weather the storm. On the other hand, Republican Mitt Romney wants to cut taxes that will have disastrous results. It will lead to more financial and social crisis.
The economic problems of the nation are structural and will not be solved by tax cuts, short-term stimulus, or quantitative easing. Neither the Democrats nor the Republicans have real solutions but the Republican?s policies would lead the US to ruin quicker.
President Obama and his administration treated the crisis as a temporary recession that requires a short-term fix. But the structural crisis needs long-term strategies but the administration hasn?t implemented a single one except to wait out the problem.
Real solutions need new strategies that are free from any interest in healthcare, energy, education, and infrastructure. That means changes wouldn?t happen soon because of the current political environment. Tax system has several temporary tax cuts and the revenues for fiscal year 2012 are below 16 percent of GDP. This is the lowest level in forty years.
The job market remains stagnant as unemployed workers don?t have the required skills that companies are looking. People with bachelor?s degree are more likely to get a job than those without.
Employment for those with at least a bachelor?s degree has increased by 1.75 million jobs during the past year alone. Employment of those with at most a high-school diploma has declined by 330,000 jobs. College graduates are also having trouble looking for work since their college education didn?t give them the skills that companies are looking for. The US have few school-to-work job training programs, unlike in countries such as Germany where youth unemployment is at a very low level.
Source: http://www.paydayloansmag.com/looking-for-economic-policy-that-works/
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