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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