Beyond the Jobs Report: A Call for a Transformational Economy

http://www.commondreams.org/view/2012/11/02-8



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The same potential exists today, even more so because we're an even wealthier country now. We can greatly expand the number of good-paying, full-time jobs with a fair and economically sound approach to our federal budget priorities and long-term debt reduction. It's time our leaders stopped cow-towing to corporate interests by masquerading as adherents to the ideology of government minimalism.

If we cut wasteful Pentagon spending, restore top marginal tax rates to Reagan levels, close corporate tax loopholes, end tax breaks that benefit only the wealthy, cancel subsidies to polluting oil and gas companies, and impose a tiny tax on speculative Wall Street transactions, we will have the revenue we need to rebuild our infrastructure, create sustainable energy sources, improve public schools, expand access to health care, and build a sustainable economy that provides all Americans with a decent standard of living.

Then, not only will we see an expansion in our economy, but the right kind of expansion — one measured by something like a Genuine Progress Indicator (GPI), rather than the Gross Domestic Product (GDP). We need to measure not just general economic expansion but our overall wellbeing.

Either Obama or Romney can do this. Either a Democratic or Republican House and Senate can do this. It's not about politics. Or ideology. This isn't rhetoric and this isn't short-term analysis of monthly jobs numbers. This is common sense. And it's the transformational approach we need.