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19 Million Jobs For U.S. Workers: The Impact Of Channeling $1.4 Trillion In Excess Liquid Asset Holdings Into Productive Investments

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  • Robert Pollin
  • James Heintz
  • Heidi Garrett-Peltier
  • Jeannette Wicks-Lim
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    Abstract

    Robert Pollin, James Heintz, Heidi Garrett-Peltier and Jeannette Wicks-Lim show that since 2009, U.S. commercial banks and large nonfinancial corporations have been carrying huge cash hoards and other liquid assets, totaling $1.4 trillion. Small businesses, by contrast, have been locked out of credit markets. The authors examine the impact on job creation of mobilizing these excess liquid assets into productive investments, finding that U.S. employment could expand by about 19 million jobs by the end of 2014, with unemployment falling below 5 percent. The paper discusses policies to transform these hoards into job-generating investments, both for the national economy and, specifically, the Los Angeles and Seattle regions

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    File URL: http://www.peri.umass.edu/fileadmin/pdf/published_study/PERI_19Million.pdf
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    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Published Studies with number peri_19million.

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    Date of creation: 2011
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    Handle: RePEc:uma:perips:peri_19million

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    Cited by:
    1. Robert Pollin, 2012. "The Great U.S. Liquidity Trap of 2009-11: Are We Stuck Pushing on Strings?," Working Papers wp284, Political Economy Research Institute, University of Massachusetts at Amherst.

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