Get Ready For The New Economy, Because The Old Economy Will Never Recover

"In a recession this deep, recovery doesn't depend on investors," writes Robert Reich, a former Secretary of Labor and author of the book Supercapitalism. "It depends on consumers who, after all, are 70 percent of the U.S. economy."

When will the economic recovery begin? There will never be a recovery, he writes. Rather, ask when and how the new economy will begin.

The Old Economy Isn't Sustainable: "This economy can't get back on track because the track we were on for years - featuring flat or declining median wages, mounting consumer debt, and widening insecurity, not to mention increasing carbon in the atmosphere - simply cannot be sustained," writes Reich.

Nobody Knows What The New Economy Will Look Like: This crisis marks the start of a new economy, he continues. "What will it look like? Nobody knows. All we know is the current economy can't "recover" because it can't go back to where it was before the crash. So instead of asking when the recovery will start, we should be asking when and how the new economy will begin."

Video: PayPal co-founder Peter Thiel is interviewed by Uncommon Knowledge host Peter Robinson. They discuss technology, free markets, politics, cultural decline and what the future may hold.

Recommended Reading

Rebuilding Something Better, by President Obama (July 12, 2009)
Why Obama's financial 'reforms' won't prevent future crises, by Newsweek (June 29, 2009)
Harvard Business Press: What Happens When the Economics of Scarcity Meets the Economics of Abundance? (August 4, 2006)

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