America will benefit principally from a ‘Powerful Economic Recovery.’ Much less from an ‘Equitable Post-Covid Recovery.’
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An Equitable Post-Covid Recovery – WSJ
Oct 7, 2020 – Excerpts:
How to help women and minorities, who have been suffering most in the downturn.
Meanwhile, the number of workers unemployed for 27 weeks or longer rose by 781,000 in September, to 2.4 million. Unless job creation speeds up, this number will continue to rise. A lesson from the 2007-09 recession: The longer workers remain jobless, the more likely they are to stop looking and drop out of the labor force altogether.
[snip]
The Bureau of Labor Statistics predicts that the U.S. labor force will grow over the next decade by only 0.5% a year. The workforce is aging, which means employment is likely to grow more slowly. This is why the BLS and the Congressional Budget Office are predicting annual economic growth of less than 2% between now and 2030. If the pandemic dropouts aren’t brought back into the labor force, this gloomy picture will darken.
Because low-wage workers are disproportionately racial and ethnic minorities, the uneven recovery is bound to exacerbate inequality. Black employment has declined by more than 11% since February, versus about 6% for whites, 7.2% for Asians, and 9.5% for Hispanics. Blacks have recovered only 35% of the jobs they lost during the pandemic, compared with 47% for Asians, 51% for Hispanics and 58% for whites.
Then there’s inequality of the sexes. Since February, employment has declined more for black women than black men and for white women than for white men. The labor-force participation rate for women has declined by 3.6 points since the start of the pandemic, double the decline for men. Of the nearly 1.1 million people who stopped working or looking for work in September, the Washington Post reports, almost 80% were women.
The next president will face this daunting set of problems, which the pandemic exacerbated but didn’t create. Absent a coordinated and vigorous policy response, these issues will outlive the pandemic. Here’s what the next president should do:
• Keep the economic recovery on track.
• Reabsorb displaced workers and the long-term unemployed into the labor force as quickly as possible.
• Reduce employment gaps between white Americans and minorities.
• Acknowledge that help for working women is a necessity if the U.S. is to have an adequate labor force in coming decades.
These steps should be the starting point in January—no matter who is president.
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No. The ‘starting point’ is….
America needs a powerful round of ‘ground level’ liquidity infusion – to effect a massive ‘debt elimination’ event.
THIS will benefit U.S. citizens across the board – and set America on course for long-tern economic growth, federal debt reduction, and economic liberty.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$90,000 per U.S. citizen – Leviticus 25 Plan 2021 (3834 downloads)