Thursday, October 18, 2012

In the big picture, Barack Obama, Mitt Romney still fall short



Tom Friedman, who consistently analyzes the global economy in a way that few journalists can, wrote a pre-debate column the other day and explained how he scores the presidential debates. In retrospect, Friedman’s column provides clarity.

The writer explained that his system of judging debates is “not based on zingers or extra points for energizing the base,” but rather on which candidate provides the nation with “an honest diagnosis of where we are and how we get out of this mess. Up to now, neither candidate has been willing to do that.”

Here’s Friedman’s top two issues that Mitt Romney and Barack Obama have yet to address:

“… First, I’ll be looking for that honest diagnosis. We are where we are today, in part, because the merger of globalization and information technology has transformed how goods and services are bought and sold, made and designed. This merger makes old jobs obsolete faster and spins off new jobs faster, but all the good new jobs require higher skills. As a country, notes Lawrence Katz, the Harvard University labor economist, we have historically ensured that our work force kept up with new technology by steadily expanding public education -- first universal primary education and then universal secondary education. But since the 1980s, says Katz, when we needed to move to some form of universal post-secondary education to keep pace with globalization and I.T., we didn’t. Instead, he points out, ‘our high school graduation rates stopped improving and our growth in college graduates slowed substantially -- far below what we need for rapid growth and shared prosperity.’”

“… Second, listen for a plan that rises to the true scale of that challenge, one that proposes job-creating infrastructure investments tied with a program to stimulate more start-ups (which have slowed) tied with a credible deficit-reduction plan — that would be phased in as the economy recovers — tied with a plan to get more Americans post-secondary education.”

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