Tags: Insana | plan | economic | recovery

Ron Insana's 5-Point Plan for Economic Recovery

By    |   Monday, 07 July 2014 11:58 AM

While some commentators have expressed enthusiasm about the economy in the wake of last week's strong jobs data, CNBC contributor Ron Insana says strong action remains necessary to restore the economy to health.

He offers a five-point plan in an open letter to Washington published on CNBC.

1. "Upgrade infrastructure. Pass and sign legislation to bring the nation's critical infrastructure in the 21st century thereby creating new capital assets of the government, as opposed to deficit-financed make-work programs," Insana writes.

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2. Immigration reform.
Congress must pass a plan that "enhances border security, allows for a path to citizenship for the nation's 12 million undocumented immigrants and relaxes advanced visas for highly skilled workers," he argues.

3. Relax the restrictions on exports of crude oil, liquefied natural gas and other energy products.

4. Implement a job-training program. The government should cooperate with business and universities to offer training and education for the long-term unemployed, Insana suggests.

5. Entitlement reforms. The retirement and eligibility ages should be increased for Social Security and Medicare, he explains. And both programs should include means-testing.

"By just acting on these five items alone, however difficult that may seem in a political and deeply partisan environment, the benefits would far outweigh any political — or fiscal — costs," Insana writes.

As for the jobs data, some analysts say it's not as strong as it appears. Non-farm payrolls rose 288,000 in June.

But, "just because more people are working doesn't mean conditions overall are improving that much," Jeffrey Rosen, chief economist at research firm Briefing.com, tells Yahoo. "What we haven't seen is a large pickup in hours and in actual earning levels."

Average weekly hours totaled only 34.5 hours in June for the fourth consecutive month. And average hourly earnings climbed only 2 percent in the year through June.

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While some commentators have expressed enthusiasm about the economy in the wake of last week's strong jobs data, CNBC contributor Ron Insana says strong action remains necessary to restore the economy to health.
Insana, plan, economic, recovery
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2014-58-07
Monday, 07 July 2014 11:58 AM
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