Jobs Council Issues Growth Proposals, Acknowledges Dysfunction
Even if Washington passes some form of jobs legislation, the public's pessimism could dampen effects
It's a vicious cycle: the economic downturn has helped to create political discord. Prolonged, political discord has hurt Americans' confidence in government. As a result, the economy suffers even more.
Confidence is a cornerstone of the latest report from the President
The council, a diverse mix of 27 leaders, including
However sensible the recommendations, Americans are pessimistic about
Lawmakers' inability to reach consensus is again coming into sharp relief as the
In a speech at an IBEW training center in
Being "fed up" can hurt the economy in several ways, one of which is in a lack of consumer activity. When consumers see no chance of economic boosts on the horizon, they get timid, making very few or just very safe investments. The effect of a political crisis of confidence on the economy, says Naroff, is "a lot larger than people believe." He adds, "What we're seeing is sluggish spending not just from those people who have reasons to be sluggish [like the unemployed] ... but from the people who have the money to spend."
In addition, a pervasive, dark economic outlook can potentially make politics even more dysfunctional, as worried voters fall for poor economic logic, says Burtless: "I think when people don't have much confidence, then all of the nasty arguments that opponents to sensible policy make seem to make a lot of sense to people who are not particularly economically sophisticated," Burtless says.
While U.S. politics is paralyzed by partisanship, it is important to look at its dysfunctionality within the context of a very unstable global economy.
"Faith in other governments is deteriorating, too," Burtless says. He adds that, while the
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