The only meaningful way to fix the American economy involves the economics of jobs and revenue creation—jobenomics.
In order to achieve economic security, America needs to create the number of jobs that we did in the 1970s, 1980s and 1990s. The US economy cannot afford another decade of negative jobs growth, as occurred in the 2000s. 20 million new private sector jobs are needed by 2020 (20 by 20). Jobenomics is essential to achieve the goal of 20 by 20 in order to preserve our way of life and the American dream.
20 million is the minimum number, since it will provide the number of new jobs required for new workers entering the work force (approximately 16 million) and about half the workers (4 million) who lost their jobs during the Great Recession. 20 million new jobs will produce the tax revenue to keep America’s economic engine running. Creating hundreds of thousands of new jobs is not enough. 167,000 new private sector jobs per month are needed to achieve the 20 by 20 goal.
American innovation, ingenuity and entrepreneurship are the keys to a prosperous future where everyone who wants to work can find a job. 20 million jobs by 2020 is a realistic goal, if American leaders get behind the concept and generate public support for such a campaign. Jobenomics outlines a potential structure for such a campaign, as well as a framework for developing an austerity plan in the event that unwanted or unanticipated crises interfere with the jobs creation process.