NEW YORK (MainStreet) — Wondering where all the jobs are? Just follow the money.
Big businesses and banks have enough extra cash lying around to create 19 million jobs between next year and 2014 and thus bring unemployment in this country back down to its normal rate of 5%, according to a report from economists at the University of Massachusetts’ Political Economy Research Institute.
Corporations and banks have enough excess cash to create 19 million jobs, a report says.
In total, America’s corporations are sitting on an estimated $3.6 trillion in liquid assets and cash reserves, or roughly a quarter of the country’s entire gross domestic product. Some of this is in fact needed to cover companies in the event that their business — or the economy as a whole — takes a turn for the worse. But according to the report, even accounting for a “highly risky economic environment,” these corporations would still have $1.4 trillion in excess liquidity.
To put that in context, that’s nearly twice the amount of money that the federal government set aside for its stimulus package to rescue the economy in 2009. But while the stimulus saved or created
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