Nouriel Roubini, of Roubini Global Economics and author ofCrisis Economics: A Crash Course in the Future of Finance
, shared his economic outlook with Richard Trumka, of the AFL-CIO, and Maria Bartiromo recently on CNBC.
Roubini was one of the few economists to predict the current financial crisis. He believes that 3rd quarter will be close to zero, and he now sees a 40% chance of a double dip recession. Roubini believes even if we get 1% growth in the third quarter it won’t officially be a recession but it will feel like a recession.
He thinks recent ISM numbers, and recent job numbers are very bad. Roubini states that we need to creat 300,000 jobs per month for the next three years just to bring jobs back to pre-crisis levels. This number does not include the number of new workers entering the workforce. So we really need 450,000 jobs to be created for the next three years.
Trumka strongly supports Obama’s new plan for a $50 billion stimulus package.
He thinks deleveraging will still continue for some time. Roubini recommends a decrease in the payroll tax, instead of having a tax credit for capital spending. Roubini believes the best way to accomplish this without increasing the deficit is by increasing taxes on the rich.
http://www.valuewalk.com/
, shared his economic outlook with Richard Trumka, of the AFL-CIO, and Maria Bartiromo recently on CNBC. Roubini was one of the few economists to predict the current financial crisis. He believes that 3rd quarter will be close to zero, and he now sees a 40% chance of a double dip recession. Roubini believes even if we get 1% growth in the third quarter it won’t officially be a recession but it will feel like a recession.
He thinks recent ISM numbers, and recent job numbers are very bad. Roubini states that we need to creat 300,000 jobs per month for the next three years just to bring jobs back to pre-crisis levels. This number does not include the number of new workers entering the workforce. So we really need 450,000 jobs to be created for the next three years.
Trumka strongly supports Obama’s new plan for a $50 billion stimulus package.
He thinks deleveraging will still continue for some time. Roubini recommends a decrease in the payroll tax, instead of having a tax credit for capital spending. Roubini believes the best way to accomplish this without increasing the deficit is by increasing taxes on the rich.
http://www.valuewalk.com/
