Stanford Expert: Economy So Bad, Jesus Couldn’t Fix It

SAN FRANCISCO (CBS SF) Noted Stanford University professor and futurist Paul Saffo doesnt care to make a projection about who will win the presidential race.

But Saffo, who consults for many of Silicon Valleys elite, will tell you that whether its Obama or Romney the winner is faced with an economy that is structurally flawed on a number of levels, making the prospect of a quick turnaround nearly impossible.

You could have Jesus Christ and he probably couldnt fix it in four years, Saffo told the Commonwealth Club of California recently.

The problem is new jobs arent being created at all, said Saffo, who believes that the nation could be facing a couple decades of what he termed cyber-structural unemployment.

Simply put, Saffo contends the rapid evolution of technology has fueled productivity gains without the need for large workforces.

Productivity is jobless innovation, he said. This will ripple through the economy in ways that are not good for workers.

Saffo said in past economic cycles, technology advancements would result in the creation of new jobs to replace those jobs that would go away the principle sometimes referred to as creative destruction.

But under current conditions, he said technological innovation has reached a level where not only are new jobs not coming on faster than old jobs are going away (new) jobs arent being created at all.

When asked whether Tuesdays election would matter as it relates to the economy, Saffo replied: Changing presidents looks different, but it doesnt necessarily equal change.

It matters, but the job is harder than ever, he continued. And Saffo added that the two major political parties have become so inflexible, its now very difficult to effect change.

See original here:
Stanford Expert: Economy So Bad, Jesus Couldn’t Fix It