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Why The President Doesn't Present A Bold Plan To Create Jobs And Jumpstart The Economy Americans are deeply confused about why the economy is so bad – and their President isn’t telling them. In fact, the White House apparently has decided to join with Republicans and blame it on the long-term budget deficit. Before I turn to the President, though, let’s be clear: The lousy economy is due to insufficient demand. Consumers – who are 70 percent of the economy — can’t and won’t buy because they’re running out of cash. They can’t borrow against homes that are worth a third less than they were five years ago, and most consumers are bad credit risks anyway because they’re losing their jobs and their wages are dropping.
August 1 is Army Day in China. Recent improvements in Sino-US military ties are welcome, but conflicting interests mean tensions might still be inevitable. In a recent piece in the New York Times, Mike Mullen, Chairman of the US Joint Chiefs of Staff, stressed the importance of improving Sino-US military relations. Mullen acknowledged that PLA-Pentagon ties have frequently been characterized by ‘misunderstanding and suspicion,’ and complained that Beijing continues to employ bilateral defence ties as ‘a sort of thermostat to communicate displeasure. When they don’t like something we do, they cut off ties. That can’t be the model anymore.’ Are China and US Destined to Clash?
How the deficit got so big The US continues to rack up more and more debt, with a deficit in the trillions. But how did we get here? Teresa Tritch for The New York Times examines: In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies. But every year starting in 2002, the budget fell into deficit.
Editor’s note: Guest contributor Jon Bischke is a founder of RG Labs and an advisor to Altius Education, Fatminds and Udemy. You can follow him @jonbischke. It was the best of times. It was the worst of times. -Charles Dickens from A Tale of Two Cities For people who spend most of their days within a few blocks of tech start-up epicenters such as South Park in San Francisco, University Avenue in Palo Alto or the Flatiron district in New York, last week’s jobs report must have created some cognitive dissonance. A Tale Of Two Countries: The Growing Divide Between Silicon Valley And Unemployed America