Austan Goolsbee, a former top economist for the Obama administration, said the U.S. economy will eventually improve during a visit to Milwaukee.
Goolsbee formerly chaired the president's Council of Economic Advisors. He’s now a professor of economics at the University of Chicago.
Goolsbee says the recovery from the recession has been too slow. He also says one thing businesspeople have to realize is that the economy has changed: “Too many parts of the economy are sitting and waiting for a bus that does not run on this route anymore!”
Goolsbee says U.S. businesses have to focus more on exports and transitional training programs for workers. He says over the long term he's optimistic, in part because there is a pent-up demand for goods, a well-educated workforce, and a spirit of innovation. Goolsbee even has a benchmark for an improved recovery.
“You will know that a real recovery is beginning as 25-year-olds pack up their stuff, move out of their parents’ basement into their own place that they rent – instead of buy, this time,” he says.
In the meantime, some businesspeople see choppy waters for job-seekers. ManpowerGroup CEO Jeff Joerres says strong demand for goods isn't there yet.
“And that's really what is one of the conundrums we’re in,” says Joerres. “Without the demand, you won’t get the labor recovery. Without the labor recovery you don’t get the demand.”
Joerres, Goolsbee and others spoke at a forum organized by the Milwaukee Jewish Federation. None of the speakers said they expect much economic help soon from Washington D.C.
