Jobs in the recession

Bruce Katz, Director of the Metropolitan Policy Program at Brookings, testified yesterday before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Economic Policy. "Creating Jobs in the Recession" presents highlights from his written testimony. Katz states three main points that would build on President Obama's Dec. 8 speech at Brookings and "try to connect Macro Economy Policy to Metro Economic Realities."

Katz's 3 points:
  1. The American economy is a network of metropolitan economies. As a Metro nation, we need smart policies and targeted investments to enhance our competitiveness globally.
  2. The Great Recession has affected different metro economies in radically different ways. There is no single American economy. Even with talk about a national recovery, many metro economies are mired in recession.
  3. Federal efforts to bolster job creation need to connect "The Macro to the Metro." Metros need two kinds of federal responses:
    1. Quick intervention to prevent further job losses, e.g., direct fiscal assistance to local governments which employ 10% of the nation's workforce
    2. Creating jobs to build the next economy--low carbon, innovation fueled, and export oriented.

Creating Jobs in the Recession, Dec. 10, 2009



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