Former Clinton Labor Secretary Robert Reich praises Obama on economy

[ClarkUSA]

From NBC’s Domenico Montanaro:

Former Clinton Labor Secretary Robert Reich discussed how to try and lower the unemployment number, praising President-elect Obama's efforts.

"The only way to do it is to make up for the huge gap in aggregate demand that has been created by consumers who understandably are pulling back from the market," Reich said in a conference call. "Consumers are pulling way back; investors are pulling back because, why invest if consumers are pulling back; exports can't possibly make up the slack because the recession is worldwide, so the government is the spender of last resort."

He added then it's "not surprising" the Obama is proposing a substantial stimulus package.

Reich also noted how the labor force has changed since the 1950s -- that there are less unionized employees and more part-timers, including part-timers who work multiple jobs.

He added that it used to mean that if a worker lost their job in a downturn, they would likely be able to get that same job back in an upswing.

"All of that has changed very radically," Reich said.

This is just a reality check for those who think they know better than Team O on how to help the economy. Reich is just the latest in
a long line of brilliant economists who have endorsed President-Elect Obama's moves. So there. :P

[Zynx]

1. For all of the bitching about Obama's economic team, all indications so far are positive

about what kinds of policies they are going to pursue.

[ClarkUSA]

5. Yup.

Funny how some axe-grinders here think they know better than the accumulated brilliance inside and outside of Team O, eh?

[Thrill]

2. So Reich and Krugman like his team and potential recovery plan

and I should listen to some whiny ass bloggers?

[Shakespeare]

3. Excellent point.

I put a high value on both of their opinions, and I think it's a GREAT sign that they're both cool with who's been picked so far.

[Occam Bandage]

4. Yep. Especially when those bloggers say Obama should have picked

Reich and Krugman.

Oh, wait...

[Alter Ego]

6. I forget...which one's the evil one? Reich or Rubin?

[ellacott]

7. No, it's Krugman

According to Joe Scarborough.

[w4rma]

8. Rubin. Reich knows what he's talking about. (nt)