Robert Shiller: Public Anger Over Unemployment Is Growing And It Is Hitting Confidence

Robert Shiller spoke to CNBC this morning about the U.S. economy, notably how we need to be focused on creating jobs and alleviating the discontent associated with high unemployment rates.

  • 0:38 People are hesitant right now, and that is why mortgage rates are low and sales are low
  • 1:10 We need more government support for the economy, we’re in a weak period right now. We need more economic stimulus.
  • 2:20 We have a big inequality issue in this country, so increases in taxes may make for the top 2%…
  • 2:55 The real issue is jobs and we need to focus on creating jobs. Forget the tax cuts. We need hiring programs.
  • 3:25 The public anger over this widespread unemployment is building and it is contributing to the undermining of confidence.
  • 4:00 The anger is about jobs, housing, and the rich. There anger is very significant and you can’t quantify. But it explains the hesitancy in the economy.
  • 4:50 We need to go back to general revenue sharing to stop the job loss on the state and local level; give them money, unrestricted funds to spend.
  • 5:45 State and local people are closer to the people. There is a weakness in President Obama’s infrastructure idea because it focuses on federal control, similar to soviet style planning.

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