Many people look forward to the early recovery of the global economy. There was hope that the stimulus packages in USA, China and other countries would be able to spur this recovery. The bad employment report in USA for June was a big disappointment. It caused a big drop in the stockmarkets.
Several economists said that the situation will continue to be bad for a long time. If more people lose their jobs, they will cut their spending. This will cause more jobs to be lost. It is a downward spiral. I share this view.
For the global economy to recover, it is necessary that many jobs be created and that people are sure that they can find a job, even if it is at a minimum wage, as long as they are willing to work. They also need a way to defer the repayment of their debt until they find a better paying job. My suggestion is set out in this article.
I hope that the governments in some countries will adopt this idea, and other governments will follow, if the idea proves to be workable.
Tan Kin Lian
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