Manufacturing Crucial for Building New Economy
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Over the next decade, America is poised to invest $2 trillion in infrastructure, health care and a greener economy, but that money must be invested strategically to build a new economy, not just retool the current model, which is not working.
Speaking this morning at the Building the New Economy conference in Washington, D.C., AFL-CIO President Richard Trumka said the global economic collapse requires us to think of long-term strategies to rebuild and restructure our economy, with a revitalized manufacturing sector at its core.
The one-day conference, sponsored by the Institute for America’s Future and the Alliance for American Manufacturing (AAM), is bringing together political, business, environmental and union leaders and economists to discuss the fundamental changes needed to create an economy that provides sustainable long-term growth and creates across-the-board prosperity.
Krugman: Think Beyond Stimulus to New Economy
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Once the nation’s economy begins to recover; we should build a durable and broadly shared prosperity. That was the message Nobel laureate Paul Krugman brought today to the first in a series of conferences on progressive ideas to turn around the economy.
Speaking to more than 800 participants at the Thinking Big/Thinking Forward conference in Washington, D.C., Krugman said that to prevent the nation’s economic pit from becoming a permanent trench, we will need a combination of fiscal and financial policies. And that will require the government to invest in the economy in a big way to spur demand.
Krugman, who won the Nobel Prize in economics in 2008, disputed Republican claims that the best way to stimulate the economy is through tax cuts.
There’s more bang for the buck from government spending than from tax cuts.
