Mort Zuckerman: President Obama’s Economic Programs Have Failed


If you want to see how little Republicans pretend to know about business and economics, read Mort Zuckerman: President Obama’s Economic Programs Have Failed.

What can we do to get out of this? How can we regenerate the high-paying jobs in service industries with sophisticated intellectual content such as entertainment, digital media, education, and financial services?

Perhaps Mort Zuckerman doesn’t know that the huge increase in the share of GDP that is now in the Financial Services industry and is unprecedented in US history is the proximate cause of our current woes. We need to cut the size of the Financial Services industry back down to a reasonable size. Is he aware that there is so little purchasing power left in middle-class consumers’ hands that the Financial Services industry has taken to speculating in the essential commodities futures markets in the hopes of wringing out what little money is left for them to grab? Making consumers pay for essential commodities allows the banks to make their profits in the commodities and lets them ease their way out of investing in what’s left of the messy and jobs producing businesses that actually make something useful.

Perhaps if the Republicans had not prevented a federal stimulus package from supporting state budgets in this time of crisis, the massive layoff of teachers could have been avoided, and we would still have those jobs with “sophisticated intellectual content such as … education…”

  1. Push students to a higher level of education, if necessary by mandating at least a year of higher education or vocational training at the public’s expense.

With college student loan debt at over $1 trillion, how do we encorage these students to take on more debt to get a higher level of education when there are no jobs for them to earn an income to pay off this debt? Oh, sorry, he wants to pay for this extra year at public expense. Is he going to tax away more money from the middle class to pay for this? Or is he finally going to allow us to raise taxes on the ultra-rich? Don’t tell me he would allow us to increase the deficit to pay for this.

  1. Increase the number of H-1B visas for foreign graduate students in the hard sciences. Crazily, we reduced them from 195,000 in 2003 to 65,000 today. This intellectual firepower is critical to growing industries that focus on the world of high tech.

In the good old Republican world of supply and demand, bringing in more workers when we have massive unemployment will put people back to work and raise wages. I’d like to see the supply/demand curves that will make this dream come true.

  1. Revise the tax system to encourage growth, not hamper job creation.

Does he mean he wants the Republicans to stop blocking the elimination of business tax breaks that encourage outsourcing?

  1. Create financial incentives for businesses to invest in America, rather than provoking American companies to reap greater rewards by laying off U.S. workers and outsourcing production to foreign countries that have lower environmental standards.

The only incentives to create jobs that businesses need is to have customers. If a business has closed a factory and or laid off employees because they don’t have enough work for them, then lowering taxes won’t encourage them to invest some of the trillions of dollars they already hold in cash and use it to produce more goods for which there are no customers.

  1. Focus on the problems of infrastructure and industrial policy.

Does Zuckerman want the Republicans to stop blocking these efforts that President Obama has called for? I mean the ones that they threaten to filibuster because they might require raising taxes on the ultra-rich 1% who own 80% of the wealth in this country.

Why does Mort Zuckerman pretend that he doesn’t know this?

How does Mort Zuckerman expect us to believe these ideas which are silly on their face?

Does he care if he writes ridiculous editorial pieces? Does he care about his own reputation?

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