Robert Reich, Professor of Public Policy at the University of California at Berkeley, and former Secretary of Labor, believes the American economy is “seriously our of whack.” According to Reich, the President’s chief economic adviser, Larry Summers and Alan Greenspan, former Federal Reserve Bank chair, “don’t seem to understand how far” the U.S. economy is out of whack.
Robert Reich:
“I dislike singling out individuals for blame or praise in a political system as complex as that of the United States but I worry the nation is not on the right economic road, and that these individuals (Larry Summers and Alan Greenspan) — one of whom advises the President directly and the others who continue to exert substantial influence among policy makers — still don’t get it.”
Reich added:
“Meanwhile, the so-called jobs bills emerging from Congress and the White House are puny relative to the challenge of restoring jobs in America. Last Friday’s jobs report, read most positively, showed 112,000 jobs added to the economy in March. But that’s below the number needed simply to keep up with an expanding population. In other words, we’re actually worse off now than we were a month ago. At the same time, the median wage of Americans with jobs keep dropping.”
