[T]he White House appears to have sincerely pivoted away from the idea that a higher level of aggregate demand would reduce unemployment and instead embraced the notion that there’s basically nothing that can be done in the short-term. You can see this in Obama’s Today Show interview where he appeared to suggest that unemployment is primarily attributable to technological change:
"There are some structural issues with our economy where a lot of businesses have learned to be much more efficient with fewer workers. [. . .] What we have to do now, and this is what the jobs council is all about, is identifying where the jobs for the future are going to be, how do we make sure that there’s a match between what people are getting trained for and the jobs that exist, how do we make sure that capital is flowing in those places with the greatest opportunity."
What a crock of sh*t. I don't know if Obama believes this or if this is some reelection line, but either way, we a re truly f*cked.
Speaking for me only
