A report written by Rutgers law and economics professor Philip Harvey pushes for a jobs-led recovery in place of the jobless recovery over which Barack Obama has chosen to preside up to now.
Harvey’s plan involves quick creation of a million jobs in fields such as “childcare, eldercare, education, public health and housing, construction and maintenance, recreation and the arts. And as many as 414,000 jobs created outside the program. Annual cost in program spending: $46.4 billion. Actual net cost, taking into account revenues and savings: only $28.6 billion.”
Go here for more info on the report. Meanwhile, here’s a killer detail from Harvey that helps explain why some of us think Obama has been the worst Democratic president in recent history:
…We currently need about 8.2 million more jobs to reduce the nation’s unemployment rate to 4.5%. Creating that many jobs in a program like the one described… would require a net increase in federal spending of about $235 billion during the first year… If the Bush-era tax cuts had been allowed to expire at the end of 2010, the federal government would have collected about $295 billion in additional revenue during 2011. This would have been more than enough to cover the cost of the job program…
Footnote: Robert Reich is hoping Obama’s recent call for jobs creation is serious, but no one knows how many jobs Obama has in mind or how hard he’ll fight for them. If past performance is an indication he’ll throw in the towel early, probably with the idea of saving the jobs issue for his re-election campaign.