Self-proclaimed Economic Wizards

By:  Ralph R. Reiland
06/11/2013
       
Self-proclaimed Economic Wizards

It's good to hear there's finally someone in the Obama administration who says he knows how to revive the economic condition in the U.S.

With the U.S. economy in its slowest job-market recovery since World War II and still 2.6 million jobs short from its payroll peak in January 2008, it's good to hear there's finally someone in the Obama administration who says he knows how to jump-start an economy.

On May 26, Secretary of State John Kerry announced at the World Economic Forum in Jordan that he's been working with former British Prime Minister Tony Blair on a “transformative” economic plan that could grow the Palestinian economy by an astounding 50 percent in three years.

Kerry said his economic plan, “different than anything we've done before,” could well deliver nothing short of a high-speed economic miracle.

In this extraordinary turnaround, asserted Kerry, Palestinian unemployment could be cut by two-thirds, agricultural output could double or triple, peace could break out and cause tourism to triple, 100,000 new “energy efficient” houses could be built, and the median annual wage of Palestinians could jump by as much as 40 percent.

But as Time magazine reported, “There were few specific details offered.”

Well, I have an idea. If Kerry is all that skilled in economic wizardry, with a “transformative” economic plan that will multiply production in one of the most dysfunctional regions of the world, I think he should cut the globe-trotting and hustle back to the Oval Office to divulge his magic formula to President Obama and the Council of Economic Advisers.

The April 2013 report from the Labor Department's Bureau of Labor Statistics showed the U.S. unemployment rate was “little changed” at 7.5 percent, putting the official number of unemployed persons at 11.7 million, not counting the millions of labor force dropouts.

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