Obama also appointed Stern to his National Commission on Fiscal Responsibility.
. . .The conservative-preferred, free-market fundamentalist, shareholder-only model — so successful in the 20th century — is being thrown onto the trash heap of history in the 21st century. In an era when countries need to become economic teams, Team USA’s results — a jobless decade, 30 years of flat median wages, a trade deficit, a shrinking middle class and phenomenal gains in wealth but only for the top 1% — are pathetic.
This should motivate leaders to rethink, rather than double down on an empirically failing free-market extremism. As painful and humbling as it may be, America needs to do what a once-dominant business or sports team would do when the tide turns: study the ingredients of its competitors’ success [China].
While we debate, Team China rolls on. Our delegation witnessed China’s people-oriented development in Chongqing, a city of 32 million in Western China, which is led by an aggressive and popular Communist Party leader — Bo Xilai. A skyline of cranes are building roughly 1.5 million square feet of usable floor space daily — including, our delegation was told, 700,000 units of public housing annually.