Notes From the Fieldby Martin Weil

June 23, 2011

Jobs, not the deficit, should be “Job #1”

In his current Investment Outlook, bond king, Bill Gross, takes the public, the political class and the media to task for focusing on the wrong crisis.

The U.S. is untrained, underinvested and overindebted relative to our global competitors.

And Gross cites as disparate a group as GE’s Jeff Immelt, Newsweek’s Fareed Zakaria and not-unexpectedly economist Paul Krugman, who all agree that tackling the deficit should come second after a concentrated effort to rekindle job growth in the US.  Gross ends with a quote from the none-too-liberal, former Merrill Lynch chief economist David Rosenberg:

I’d have a shovel in the hands of the long-term unemployed from 8AM to noon, and from 1PM to 5PM, I’d have them studying algebra, physics and geometry.

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