The thing I take the most exception to is the argument that government screed up here - government saved our bacon. It was very costly, but the cost would have been measurably different and greater had the government not interceded. The totality of what [Obama] has done will ultimately go down in history as a success.
- Mark Zandi, chief economist, Moody’s Analytics, McCain advisor
Great personalization of why the public sector and the private sector are so inter-twined and the “you’re on your own” ethos is a false one.
The Economist: We Are Better Off Than 4 Years Ago
The Economist weighs in this week on the central question for this election. People forget what a freefall we were in four years ago.
Not since 1933 had an American president taken the oath of office in an economic climate as grim as it was when Barack Obama put his left hand on the Bible in January 2009.
Most analysts complain that China overtaking the US in GDP is bad news, but I’m not convinced. The rise of China and India and Rest of World seems like a bonus for US and Europe as it will mean more wealth created for all. I guess we’ll be hearing a lot more about this in 2016-2018 when the crossover is due to occur.
Can We Finally Address Immigration Reform?
In the midst of this political season, can we have a serious discussion about the self-inflicted harm of our immigration policies? A few data points:
- The Boston Globe reports that we are pushing away immigrant workers for the summer, despite business complaints that there aren’t enough locals to fill the necessary jobs.
- California farmers, like many others, can’t find enough field hands due to the drop in skilled workers.
- Apparently, 80% of Congress supports the StartUp Act 2.0, which will help encourage immigrants with science and engineering expertise to remain in the US, yet it still hasn’t passed!
Can we finally address this issue?
Speaker DeLeo Has Facebook On His Mind
Great to see the Massachusetts Speaker actually putting words into action with a budget proposal that invests in fostering entrepreneurship. Well done.
Jobs, Worker Training and Hope
One of our economy’s biggest challenges is to figure out how to solve the skills mismatch problem - training middle class and lower income Americans to be productive in the innovation economy. Two terrific articles in today’s Sunday Globe give a glimpse of hope: (1) the value of certificate programs, which are growing in popularity; (2) the explosion of part-time programs at universities. ”The combination can be grueling, but a master’s degree or higher can act as insurance…or provide an advantage over job-seeking rivals.”
Amazing to see how strong the state’s economy has been, with 4.5% growth in Q1. The Innovation Economy is leading the way, yet we can’t rest on our laurels. Too many are left behind and the global competitive market is extraordinarily tough.
