On October 8,2016 President Barack Obama released his presidential letter to his successor. The letter addresses the unresolved issues the president tackled and now passes along to his future predecessor with wishes of good fortune. Obama writes,"This is the paradox that defines our world today. The world is more prosperous than ever before and yet our societies are marked by uncertainty and unease. So we have a choice—retreat into old, closed-off economies or press forward, acknowledging the inequality that can come with globalization while committing ourselves to making the global economy work better for all people, not just those at the top." It's an interesting letter where the president divulges his take on his term and what he had to address a commander and chief. He writes for us about four crucial areas of unfinished business: A force for good, Restoring economic dynamism, Building a Sturdier Foundation, and A hope for the Future. I'd like to highlight an excerpt of interest, restoring economic dynamism. "First, in recent years, we have seen incredible technological advances through the internet, mobile broadband and devices, artificial intelligence, robotics, advanced materials, improvements in energy efficiency and personalized medicine," remarks Obama. The innovations have helped change the lives of many Americans with leaps and bounds, but in regards to productivity it cannot be said.
Why the downfall in productivity? The slow progression is mainly because of a decrease in public and private investment as a byproduct of the financial crisis.
Alongside the productivity decline inequality has risen. As Abraham Lincoln said, “while we do not propose any war upon capital, we do wish to allow the humblest man an equal chance to get rich with everybody else." Upward mobility is harder now because factors like technology, education, and decrease in unions has encouraged this inequality disparity. To exacerbate matters is the decline in labor participation which is a byproduct of the retirement of the Baby Boomers and the pursuit of continuing formal education. Progress is defined by the willingness of ones ability to move forward. The economy needs a boost, hopefully the next president can get it done.
Reference:
The Economist_Presidential Letter to Successor Briefing
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