G20 to rethink global economy, maybe. Meanwhile Obama presses for education for non-existing jobs

[Deja Q]

http://money.cnn.com/2009/09/21/news/international/g20.reut/index.htm?postversion=2009092104

The United States is proposing a broad new economic framework that it hopes the G-20 will adopt, according to a letter by a top White House adviser.

Obama said the U.S. economy was recovering, even if unemployment remained high, and now was the time to rebalance the global economy after decades of U.S. over-consumption.

"We can't go back to the era where the Chinese or the Germans or other countries just are selling everything to us, we're taking out a bunch of credit card debt or home equity loans, but we're not selling anything to them," Obama said in an interview with CNN.

So, this means no more offshoring? We have to make things that we, along with other countries will want to buy, if our economy is to recover.

And if wages were good enough for proper effort done, people wouldn't need credit cards to begin with - even a case manager laments those things are virtual necessities given the wages people get. ($12/hr)

With U.S. consumers now holding back on spending after house prices plunged and as unemployment climbs, Washington wants other countries to become engines of growth.

http://money.ca.msn.com/investing/news/breaking-news/article.aspx?cp-documentid=21818000
So we're not making anything to see to other countries, so in response we're going to let other countries become engines of growth - thus making things?! Color me confused...

http://money.cnn.com/2009/09/18/news/economy/fed_meeting_walkup/index.htm?postversion=2009092105

"If people aren't spending the money, you can't have inflation," said Morici. "If Bernanke puts a pile of money out on the street, it doesn't count if it doesn't chase goods."

This is why we won't see job growth in America, any time soon.


http://www.msnbc.msn.com/id/32916108/ns/us_news-the_elkhart_project/
("New Skills, No New Job")

http://money.cnn.com/2009/09/21/news/economy/obama/index.htm?postversion=2009092112

NEW YORK (CNNMoney.com) -- President Obama on Monday pushed his plans to make the nation's economy more stable in the future by investing in education for high-tech industries.

Speaking at Hudson Valley Community College in Troy, N.Y., Obama emphasized the need to encourage entrepreneurship and international competition.

(SNIP)

He also reiterated his call for increased investment in green energy technology, electronic health records and manufacturing advanced vehicles.

All the articles have more.

[Romulox]

1. How can we possibly have a "comparitive advantage" in high tech work

if the government has to continually prime the pump with cash and research grants? :shrug:

[Deja Q]

2. I honestly have no clue.

On the face of it, so many different (and contradicting) things are being said.

[Deja Q]

10. Or even a competitive edge...

[leftstreet]

3. Oh, so it's all our fault

Obama said the U.S. economy was recovering, even if unemployment remained high, and now was the time to rebalance the global economy after decades of U.S. over-consumption.

:eyes:

[Deja Q]

5. "Blame America first". With wages going down for decades, credit is inevitable.

I'll agree there IS some over-consumption afoot, but there's far more to the whole story.

[OhioChick]

4. "by investing in education for high-tech industries...."

You're shitting me, right?

:rofl:

What a fucking joke. It sure would be nice if Washington wanted the U.S. to be "an engine of growth."

[Deja Q]

6. Isn't that the change we wanted? We've had increasing unemployment for years...

That second article where he wants other countries to be the engines -- that's a HUGE contradiction to the US making things to sell, like I said.

Can't we ALL be engines?

Maybe I'm missing something, which is quite possible, but one cannot say "We need to make more things" and then turn around and say "We need other countries to make things instead".

[OhioChick]

7. This isn't the "change" that I voted for.

The more that I hear, the more pissed off I get.

[Tierra_y_Libertad]

8. "Those jobs are gone, boys, and they ain't comin' back." Bruce Springsteen

From "My Home Town"

The cost of labor is getting cheaper because there are more workers than jobs. And, if American labor refuses to take lower paying jobs, then the companies will move overseas and get at half-price.

It's not just a jobless recovery, it's an impossible recovery.

[Deja Q]

9. If that is true, why would our politicians lie or even be wishy-washy?

If we're doomed we're doomed, but bullshiting us all along the way is the cruelest insult.