Jeffrey Sachs on a New Macroeconomics

Jeffrey Sachs provides some advice to President-elect Barack Obama and details his vision for a new era in American political economy; one that he argues is needed in order to revitalize and reinvigorate the American macroeconomy.

"More gimmicks such as one-off rebate checks or zero interest rates at the Fed, as some now propose, will not suffice. The government needs a clear medium-term strategy, to reinvigorate private investment spending, and it will need increased budget revenues in the years ahead for urgent public investments and long-term restructuring. Short-term recovery will be promoted by clarity on the long-term direction of economic change."

It is an incredibly interesting argument and one that goes against most of what the United States has become famous for over the past three decades.