Ready for the New Economy

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Third Way, an American think tank self-described as ” Center Moderates” provide some interesting thinking on accelerating economic growth in the 21st century . . .

” a modern Democratic economic agenda should be organized around one over-arching goal: sustained private sector economic growth that expands and greatly benefits the middle class. And given the existing dynamics—a truly global economy, an ongoing technology revolution, and an already expansive government—the most effective formula for achieving that will be one that focuses relentlessly on the virtuous cycle that will drive widespread prosperity in the 21st century: more skills, more jobs, and more wealth.

  • Skills: Gone are the days when getting a high school diploma was enough to secure a middle-class lifestyle. Attaining and holding a series of solid-paying jobs now requires far more knowledge acquisition and mid-career learning. Yet our K-12 system is mired in mediocrity, higher education costs too much and delivers too little, and there are no easy avenues to keep one’s skills sharp over decades. The result is a massive mismatch between skills and available middle-income jobs that is likely to only widen.
  • Jobs: Businesses are no longer required to locate, expand, and hire in the U.S. Globalization and digitization have transformed where and how jobs are created. Democrats too often are playing catch-up in this new economy, failing to re-think regulations, the tax code, R&D investment, small business promotion, export policy, and foreign direct investment to best enable private sector job creation.
  • Wealth: With entitlement spending already on an unsustainable path, wages squeezed, and defined benefits plans increasingly relics, we need to focus on fresh strategies to make work lead to wealth, giving job-hopping Americans a better shot at financial security for their families.

Source and complete article available here: Ready for the New Economy

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