“My aspiration for the country and I believe we can achieve it, is 4 percent growth as far as the eye can see. Which means we have to be a lot more productive, workforce participation has to rise from its all-time modern lows. It means that people need to work longer hours” and, through their productivity, gain more income for their families. That's the only way we're going to get out of this rut that we're in.”
I can't see what the problem is.
I don't claim to have any great economic insights, and there may be a another way to achieve a 4% growth rate, other than working more hours. But a sustained 4% growth rate over 5-6 years would dramatically increase government revenues and improve the finances of at least those putting in the longer hours. Clearly those people with larger paychecks will increase their demand and create additional employment opportunities for those currently without work. Yes I would prefer that the 4% growth rate could be achieved primarily by employing those currently seeking work, but I don't know how that would happen and I haven't heard of anything. Although DOA in either party, a good hard look at "free trade" might do wonders to increase employment and market driven wage increases. Before the long partisan knives get drawn, I fully recognize that a large portion of our society is working at jobs with wages so low that even after 40 hours, they may not have made it to poverty level, and don't have any benefits. But that's something else entirely.
