El-Erian on Aug. Jobs Report, Economic Outlook
My comments:
- Government intervention is the problem not the solution.
- Out-of-control government spending, including on bailouts of politically-connected entities, is diverting capital away from small businesses that provide most of our employment. The bailouts favor transnational businesses that do most or all of their hiring overseas. This is probably not unintended.
- We don’t need cooperation from Europe or China to reduce unemployment. We need to clean up our own act.
