On the recordSeptember 7, 2011
on Monday, we observed but did not celebrate Labor Day. I say ``observed and did not celebrate'' because we are painfully aware that there are at least 29 million underemployed and unemployed Americans in our midst. Last Friday, the Department of Labor sent shock waves through the global economy by reporting that the U.S. economy created zero net jobs in August. A growing chorus of economists is warning against the dangers of making immediate draconian cuts to the Federal budget--something that, by its very nature, will drain demand, reduce growth, and destroy jobs. Tragically, too many Members of Congress refuse to listen. Over the summer, they have insisted on a mindless march to immediate austerity-- an approach that threatens to strangle the weak economy. Inside the Washington bubble, some of our political leaders continue to insist that the biggest issue is the budget deficit. Outside the beltway, ordinary Americans are desperately concerned with a far more urgent deficit, the job deficit. I am also concerned about a third deficit, the deficit of vision and leadership in Washington. I am disturbed by our failure to confront the current economic crisis with the boldness and vision that earlier generations of Americans summoned in times of national challenge. Smart countries, in tough economic times, do not just turn a chainsaw on themselves.…
