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Why the Fed's Jobs Program Will Fail

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Moreover, instead of creating easy paths for people to gain the skills they need for higher wages, we're doing the opposite. We're firing teachers and squeezing 30 kids into K-12 classrooms, defunding job training programs and reducing support for public higher education.

Instead of encouraging profit-sharing, we're facilitating the Walmartization of America -- the lowest possible wages along with the fattest possible corporate profits. (Walmart, which directly employs almost one percent of the entire workforce at near-poverty wages, made $27 billion in operating profits last year.)

Republicans want to make corporations and the wealthy even richer -- demanding tax cuts and roll-backs of regulations on the pretense that companies and the wealthy are the "job creators."

But the real job creators are America's middle class and all those aspiring to join it, whose purchases propel the economy forward. And whose declining earnings are holding the economy back.

So two cheers for Ben Bernanke and the Fed. They're doing what they can. The failure is in the rest of the government -- at both the federal and state levels -- still dominated by deficit hawks, supply-siders, and witting and unwitting lackeys of big corporations and the wealthy.

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Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at

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Here are four little known ways to sharply boost t... by Mark Goldes on Friday, Dec 14, 2012 at 1:05:33 PM
The only jobs programs the feds have is for those ... by Sister Begonia on Friday, Dec 14, 2012 at 6:44:37 PM