Will Obama’s Job Bill Be Enough To Save The Economy?

: Chris Lee Law Firm

  Filed under: Economy

unemploymentMany Americans face tough decisions each day as they scramble to find enough work to keep food on the table and the family out of bankruptcy. As so many of our nations markets have been suffering for years and many people are beginning to lose faith in our economic future.

Despite the high hopes and lavish promises in 2009 of boosting our nation’s job market, the unemployment rate continues to hover at a high of 9.1%.  Now that the budget crisis has been resolved, politicians from both camps are pushing for job reform to help improve the future of our economy.

 

Three Points Of Interest

The government does not have a great track record for creating jobs and reducing the unemployment rate. However, giving up is simply not an option. As the government works to develop a game plan, three main areas of focus have been identified.

Retreads. A common point of action taken by the government in times of crisis is to bring up old actions and use them again. In other words, they take previous actions that were moderately successful and implement them, not for the purposes of solving the problem, but to make it appear as though some action has been taken.

The most beneficial strategy for the government to take during the job market improvement plan is to use fewer retreads. Although easing the housing market crisis and extending unemployment checks seems like a great place to start, these actions will ultimately do nothing to ease the unemployment rate. The focus should remain on developing ways to create jobs either government backed, or by supporting the efforts of the private sector.

Stimulus. The economy needs a boost, a big one. Part of that boost should come from a reduction in government spending, fixing the national budget and improving consumer spending. Unfortunately, there is no easy path for any of these processes and stimulating the economy is not as easy as it sounds. Between political party disagreement and the reliance on voter support, obtaining a stimulus boost will be one of the greatest challenges the government will face.

Confidence. It has been determined that consumer confidence plays a big role in the economy, when confidence is up, so is consumer spending. Improvements in consumer spending spur the economy, leading to more opportunities to grow. Unfortunately, after all of the uncertainty and economic turmoil, consumers are wary, and understandably so. However, consumer confidence does not always come from tangible changes, but can the bred through the idea of changes; which we have seen with charismatic campaign speeches in the past. Whether real or imagined, a boost in consumer confidence can go a long way in finding a solution to the job market crisis.

 

 


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