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“Five areas in which we can act.” —Obama’s message to all

November 12, 2015

Summary directly from Mark Thoma’s Economist’s View:

America’s Bold Voice Cannot Be the Only One

by Barack Obama, op-ed, FT (paywall)

… Today the G20 faces another challenge. While the global economy is growing, it is growing too slowly. … That is why, at next week’s summit, my message will be clear: we have to take action to strengthen growth in a way that benefits all our people.

Specifically, there are five areas in which we can act.

First, our countries have to implement fiscal policy that supports short-term demand and invests in our future. …

Second, our countries have to take action to boost demand by putting more money into the pockets of middle-class consumers who drive growth. …

Third, our countries can foster more inclusive growth by lowering barriers to entering the labor force. …

Fourth, we can support more inclusive growth with high-standard trade agreements that actually benefit the middle class. …

Fifth, the world agrees on the need for greater public investment, especially where interest rates are low. That is why I am pushing Congress to create jobs today and tomorrow by adopting a long-term infrastructure plan this year.

Furthermore, public investment often jump-starts private investment. …

And in the Financial Times, so heads up Austere Tories; take heart True Labour! Government should be an expression of community, not the “necessary evil” that many on both sides of many arguments historically believe. A healthy community needs us to be involved in cultivating good government globally and regionally. Good government does not waste money on those who are already doing well and who may well know who needs it most. ‘Nough said, again.

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