Yesterday the White House held its much-anticipated “jobs summit,” where various Obama aides met with private sector leaders to discuss ways of improving the economy.
As unemployment may reach as high as 10.4% today, this issue is urgent.
But we were disturbed when we heard econ aide Christina Romer talk on CNBC about one of her “breakout sessions” at the event, because that implies the event was really characterised by discussion and brainstorming.
Why is that bad?
Well, look, if the whole thing is a PR charade then that’s politics as usual, and at this point, it’s not controversial. But we hate to think that anyone was under the illusion that a problem as complex and varied as the US recession could be solved with an afternoon of brainstorming.
We do want the President thinking about this issue, and we think it’s fantastic that he’s engaging private sector leaders who have the best idea of what’s going on on the ground (though we shudder to think that most of their recommendations for kickstarting jobs probably were somewhere along the lines of: more tax credits, please!)
We just hope nobody was under the illusion that brainstorming and talking about the situation for a few hours was really going to help much. Hopefully, deep down, they knew it was all for show.