On Jared Bernstein’s rant to the elites – the 1% aren’t interested in creating jobs…

It appears that economist Jared Bernstein is mad as hell and he’s not going to take it anymore.  Here is a quote from today’s blog:

Listen elites: you want less people on food stamps…then stop screwing up the economy.  Then we’ll talk.  Until then – until we are back around full employment, until you stop blowing bubbles, I really don’t want to hear from you about hammocks and the bad decisions of the poor.  You want to talk about job creation, infrastructure investment, skills training, mobility, opportunity – I’m all ears.  Otherwise, quiet down and get to work.

I’m not going to argue with the obvious. The comments about blowing bubbles and complaining about hammocks are spot-on. The top 0.1% have turned the international economy into their own personal playground. Instead of shoring up our manufacturing base, investing in their employees and looking to the future with appropriate R&D, the so-called job-creators have been enjoying an orgy of downsizing, outsourcing and inflating one financial bubble after another. Unfortunately, all this has left the 99% holding the string of the burst balloon in one hand and a pink slip in the other.

For me the disconnect comes with the last sentence. When Mr. Bernstein suggests that the elites quiet down and get to work, I have to ask whether or not he really gets what is happening.

As far as the elites are concerned, they have done their work. They don’t see job creation and fundamentally supporting economic growth for all as part of their job description. All the talk about job creation was just that – talk. They wanted the goodies (like tax breaks galore) that went with being “job creators” without the burden actually creating jobs. As far as they are concern – job well done, take it all to the bank!

What we have right now is a fundamental disintegration of the social contract that has been in place since the inception of the “New Deal”. It has often been said that FDR’s New Deal saved capitalism from itself. After over 50 years of relative financial stability within the middle and working classes, we forgot exactly what that meant. It is only in the unraveling of the regulatory elements which made capitalism safe for working people that a new generation has come to understand the why unrestrained capitalism needs to be saved from its own unrelenting greed.

We now have instituted a system where money chases money and there is no room for true innovation or growth. The bottom line is all that matters and the timeline is no further than the next quarter’s profit margins. Its a house of cards that builds nothing, discovers nothing, invents nothing and produces nothing save gobs of money for an already engorged few.

© 2013 – RGHicks – http://reinnovatingamerica.com