In the current economic and political climate in the United States it is rare to hear a political figure calling for more spending. But Bill Clinton did just that during a keynote address in New York City on Thursday, January 31, 2013.
Speaking at the 16th Annual Wall Street Economic Summit, the American politician who served as 42nd President of the United States reflected on economic inequality of the past 20 years in the United States and its long reaching consequences for the American society.
“We cannot fix the budget without growth,” said Clinton. “We need an economic policy for everyone.”
These words echoed the cries on the democratic side of the political landscape urging not to blindly cut down on government spending by sacrificing investments into communities, governmental projects and public funding.
A daunting task
The debate between the Republicans and Democrats as to which approach will best lead the country out of the debt crisis and towards a more stable economic environment has been present in the media since early 2012 and Bill Clinton has on numerous occasions lent his support to the Democratic President Obama.
Clinton as well as Obama are concerned with the discrepancies between available employment possibilities and the lack of qualified labor force.
Quoting alarming figures, Clinton said: “There are 120,000 computer science jobs and only 40,000 computer science graduates in New York.”
With the sectors of health care, immigration and education all in need of reforms, cutting government spending and decreasing the unprecedented US budget deficit are a daunting task for the current administration which it nonetheless cannot shy away from.
Obama’s cabinet and the congress will have to find ways to compromise, Clinton concluded, even though he admitted himself that “this is harder now than it was when I was President.”
By Olga I. Abrosimova
Olga I. Abrosimova holds a BSc in International Business from the Maastricht University School of Business and Economics. She sits on the Board of Directors of Best Buddies New York and is a member of Urban League Young Professionals New York. An avid traveler, blogger and aspiring programmer, she currently resides in New York.
Photos: courtesy of Margot Jordan