It was never a debt crisis. The debt crisis was manufactured. It's been a jobs, wages, and growth crisis all along. And that reality has finally caught up with us.
Now that we're slouching toward a double-dip recession, the only hope is voters will tell their members of Congress -- who are now on recess back home -- to stop obsessing about future budget deficits and get to work on the real crisis of unemployment, falling wages, and no growth.
We need a bold jobs bill to restart the economy. Eliminate payroll taxes on the first $20,000 of income for two years. Recreate the WPA and the Civilian Conservation Corps. The federal government should lend money to cash-strapped states and local governments. Give employers tax credits for net new jobs. Amend the bankruptcy laws to allow distressed homeowners to declare bankruptcy on their primary residence. Extend unemployment insurance. Provide partial unemployment benefits to people who have lost part-time jobs. Start an infrastructure bank.
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