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Phil Longman: Jobs are Not Enough

Phil Longman: Jobs are Not Enough The 2012 presidential race is shaping up to be about one thing: jobs. But are jobs enough to get this economy going when the average American feels broke? Before the crash America had nearly full employment, and yet the American Dream was already fading; personal debt had exploded, and savings were evaporating. By 2007, the average consumer was so tapped out that many people with jobs couldn't make their mortgage payment. That sparked the financial crisis, which further ravaged family balance sheets. The Federal Reserve recently reported that the average family lost nearly 40 percent of their wealth during the Great Recession. What can government do to help ordinary Americans avoid ruinous debt and rebuild their wealth? Can a tax code that directs nearly half a trillion dollars in investment subsidies mostly to Americans who are already well-to-do be reformed to provide an opportunity to help average Americans build wealth? Could such an agenda put the economy back on a path to sustained, broad-based economic growth? These and other questions are the subject of a new special issue of The Washington Monthly called "The Future of Success." Phil Longman Senior Research Fellow, New America Foundation Jobs are Not Enough http://www.newamerica.net/events/2012/jobs_are_not_enough
Length: 19:32

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