Peter Mathews on KTLK AM 1150, the David Cruz Show: (Dec.3,2013) To grow economy, billions must be Invested in Small Business, Infrastructure, Education.
Partly drawing on the Economic Policy Institute’s study of the stagnant “recovery” from the Great Recession, Prof. Mathews calls for a massive economic stimulus, paid for by closing unproductive corporate tax loopholes, and spending the hundreds of billions of dollars on loans to small business, rebuilding and modernizing our infrastructure, expanding and strengthening education, and re-hiring middle class workers such as teachers, firefighters, and police officers. For a real economic recovery from the Great Recession, and to create and maintain full employment, the U. S. government must invest $650 billion in the private and public sectors in 2013, and between $1.5 trillion and 2.2 trillion in the following three years.
Over 9 million new jobs have to be created to help the labor market recover its health. Mathews pointed out that the reduction in official unemployment from 10% to 7.3% was primarily due to many people having dropped out of the labor force. Many of the new jobs that were created were lower paying jobs. Well paying jobs are important because they help stimulate demand in the economy, and will help with the economic recovery. In order to accomplish these goals, leadership is needed in the public, in Congress, in the mass media, and elsewhere.
Mathews pointed out that unfortunately, many politicians, Republican and Democrat, have been largely serving the special interests of their large campaign donors, not the American public who elected them.
Upon host David Cruz’s request, Mathews briefly discussed his upcoming book, Dollar Democracy: with Liberty and Justice for Some; How to Reclaim the American Dream for All.
[Listen] (9 min.)