I'm interested in knowing if the economic explanation of this article makes sense http://www.counterpunch.org/2017/02/02/how-we-the-people-were-screwed-by-obamas-bogus-recovery/ Thanks you.
The article's argument that Obama's "recovery" was largely a matter of hyping a poor, slow, limping economy after 2008 is mostly correct. The logic of the article overemphasizes the problem of inflation. Simply put, an inflation can, under certain circumstances, work as well to deepen inequality as the absence of inflation. The willingness of the rest of the world's rich to lend to the US government played an important role here too, as did other factors. The fuller story of how and why the US and world economies have taken so long to recover so little is more complex than the article admits, but the critique of Obama and "recovery" is good.
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There are Two options that could have been considered to deal with the huge unemployment, and the failed banking institutions are completely unnecessary for this plan which basically all politicians know about, but never talk about. For one, Obama could have used that same stimulus package as a tax on the rich and failed corporations, and use that money to create a federal works project, which hires all the unemployed people, whether they are skilled or not, to participate in federal works to build useful things, and be paid for it. This But there is an even better solution beyond this. you could tell the unemployed people “hey these capitalist institutions have failed, if you want to turn the failed corporation you work for into a worker cooperative, we will give you this money to buy it out at a very cheap cost, and we will sign into law forcing bankrupt corporations to have to first ask their workers if they want to buy it out”. Such a plan to turn bankrupt corporations into worker cooperatives is a direct response to the failed corporations telling them “your utterly useless, you can go away”, and being extremely beneficial to the people who became unemployed during the crisis, and allow them to get their jobs back that they had experience in very rapidly.
The current real unemployment rate of 9.4% (on the rise currently) indicates that the US still has not fully recovered from the crisis, because the pre-crisis real unemployment rating was 8.4%.