Word: nationalizes
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...city's entrepreneurial spirit - are starting from scratch. Austin is emerging as one of the first pockets of the country where people are getting back to work, showing that even in this dreary economic environment, job creation can happen - and illustrating how it will eventually take root around the nation...
...economy today. Since the start of the recession in December 2007, the U.S. has shed 8.4 million more jobs than it has gained. The unemployment rate hovers near 10%, and broader measures of labor-market woes that include underutilized workers are as high as 16.8%. Go down the nation's list of economic problems - from mortgage defaults to state-budget shortfalls - and joblessness lurks in the background. (See how some Americans are facing the prospect of long-term unemployment...
...self-evident as it may sound. There is no shortage of theories about why companies aren't adding jobs faster. Banks won't lend to enable them to expand. Extra workers are too expensive because of taxes and health care costs. But the real clog in the nation's job-creating machinery is much more basic: a lack of demand for goods and services...
...Start-up Nation Twenty miles south of Austin, in a nondescript industrial park, sits a bland, corrugated-metal building with a roll-up door. Inside the building sits the future of the U.S. economy...
...jobs in the U.S., it should do things like create a permanent tax break for companies that invest in research and development, make it easier for foreigners who get science and engineering Ph.D.s at American universities to stick around after graduation, and spend serious time and money improving the nation's infrastructure, including the electric grid and broadband network. Such initiatives will not create many jobs that can be tallied on a spreadsheet. What they will do is more important: lay the groundwork for businesses to innovate and grow...