Dan Luria

Recent Articles

But Where Are the Jobs?

Here's one more course-correction for Clinton. Otherwise, look for more low-wage jobs.

I t is not at all clear that President Clinton's economic policies add up to a coherent program capable of restoring robust economic growth and good jobs. In particular, the administration has placed exaggerated hopes on the imagined connections among education and training, productivity, and earnings. The administration faces two fundamental economic imperatives. It must create a lot of jobs, and it needs to create more good jobs. To do this, it must temporarily lift the U.S. economy far above its recent groth rate of about 2 percent a year. At the pre-Inaugural economic summit in Little Rock, economists debated whether the U.S. economy needed any fiscal stimulus. Those who thought it did called for amounts ranging from $15 to $60 billion, less than 1 percent of U.S. GDP. In April, a very modest $15 billion stimulus package was filibustered to death. To put that figure in perspective, in Japan where recent trend growth has been closer to three percent per year, the debate was between...