El papel crucial de los estímulos gubernamentales en una economía con problemas.
Teresa Ghilarducci

New York / Economía – Con una cifra oficial de 15 millones de estadounidenses desempleados y la tasa nacional de desempleo en estables 9,7%, el Ministerio del Trabajo entregó algo de buenas noticias en abril: Durante marzo se crearon 162 mil puestos de trabajo en todos los sectores, menos el de servicios financieros. Es la mayor cantidad mensual en dos años. Además, durante febrero y marzo creció el gasto en inversión, una señal típica de recuperación financiera. Esos son los datos positivos.

Pero la lista de datos negativos aún es larga. El número de nuevos puestos de trabajo en marzo fue menor a las predicciones de muchos analistas, y 48 mil trabajos de temporada llegarán a su fin en otoño, cuando los datos del censo de Estados Unidos se hayan registrado. Los datos oficiales también disimulan las actuales circunstancias de los trabajadores. Por ejemplo, casi un tercio de los desempleados han estado sin trabajo durante más de cinco meses; otros tres millones ya no cuentan como desempleados porque han dejado de buscar trabajo; y millones subempleados trabajan muchas menos horas de lo que quisieran. A nivel nacional, en este momento, sólo el 55% de los adultos tiene empleo, más mujeres que hombres. Mientras tanto, los gobiernos —tanto local como estatal— han tenido que hacer frente a menores ingresos y están cortando miles de trabajos; el mercado inmobiliario no se ha recuperado lo suficiente como para promover nuevos proyectos y el consumo aún es débil.

LOS COSTOS EN EL LARGO PLAZO

El desempleo también pone en movimiento una serie de efectos negativos que perduran en el tiempo. Por ejemplo, cuando un trabajador desempleado encuentra un nuevo trabajo, a menudo empieza con un salario reducido, mermando sus ingresos totales durante años. Los mayores permanecen en sus trabajos porque no pueden costear la jubilación, mientras los jóvenes tienen dificultades en encontrar un primer empleo. Hasta los universitarios que ingresan al mercado laboral durante una recesión ganarán menos durante su vida que aquellos que ingresan cuando la economía está fuerte. La falta de trabajo deja huellas en los trabajadores y sus familias. Lleva a endeudamiento personal y posterga la educación, la alimentación y la salud. El desempleo prolongado puede conllevar ejecuciones hipotecarias y el que los afectado terminen en la lista de los sin casa.

Estas observaciones sobre los efectos del desempleo en el largo plazo arrojan una nueva luz sobre lo que cada generación le debe a las generaciones futuras. Porque tal como la deuda pública es traspasada a los futuros contribuyentes, los efectos prolongados del desempleo también se traspasan. Ese proceso debiera revertirse. Y podría serlo si el costo futuro del pago de la deuda federal se sopesara regularmente en comparación con los costos de prevenir el desempleo. Por ejemplo, en su discurso sobre el Estado de la Nación, el Presidente Obama propuso pequeñas modificaciones al sistema impositivo —un crédito para estudios superiores y un crédito para los ahorros de pensiones— de manera de inducir cambios en la seguridad educacional y de jubilación, y recortes de impuestos para crear empleos indirectamente.

En esta recesión, las mayores dificultades para los trabajadores se registraron entre diciembre de 2007 y marzo de 2009, cuando se eliminaron uno de cada 20 trabajos en el sector privado. La tasa de destrucción fue 50% más alta que la de recesión de principios de los ’80. Dado la magnitud del problema, el primer estímulo fiscal tenía que ser enorme. Y lo fue: US$ 787 mil millones. No obstante, evaluaciones independientes le otorgan a la Recovery Act de febrero de 2009 de la administración Obama la creación de más de dos millones de empleos. También predicen que la tasa de desempleo habría sobrepasado el 11% si el Congreso no hubiese aprobado el plan de estímulo.

CÓMO UN PLAN DE ESTÍMULO CREA EMPLEOS

Un plan de estímulo crea empleos a través del “efecto multiplicador”. Por ejemplo, el gobierno gasta un dólar en emplear a un trabajador social. Ese trabajador gasta un dólar en el supermercado y la estación de gasolina, lo que crea ganancias e ingresos para esos trabajadores y los dueños de los negocios. Considere US$ 100 mil millones en gasto federal en 2009 en proyectos de infraestructura, como ponerle un techo nuevo a un colegio o construir un puente, o modificar un edificio público para ahorrar energía. El efecto multiplicador asegura que el impacto económico excederá los US$ 100 mil millones de inversión dado que el estímulo aumenta los ingresos privados, aumenta el consumo y estimula la producción.

El punto central es este: gastar no sólo aumenta el déficit, sino que también impulsa la actividad económica. La actividad produce ganancias a los negocios y aumenta los ingresos individuales, lo que aumenta lo que el gobierno recibe por vía de impuestos que van a llenar las arcas federales y estatales. Según el Congressional Budget Office, que calculó el efecto del paquete de estímulo, los ingresos federales crecerían en US$ 25 mil millones en los próximos 10 años, ayudando a disminuir la deuda federal.

LAS MEJORES ESTRATEGIAS

Los estímulos económicos pueden adoptar diferentes formas. El estímulo de febrero de 1009 se basó principalmente en reducción de impuestos. Las reducciones de impuestos son rápidas y pueden dirigirse a aquellos que más necesitan el incremento en sus ingresos, pero no crean una gran cantidad de empleos. Antes que gastar la plata y poner el efecto multiplicador en acción, la gente tiende a ahorrar o pagar sus deudas de tarjetas de crédito. Esto puede resultar ser una buena estratégica doméstica, pero no hace que crezca la economía.

Durante una recesión, las mejores estrategias incluyen aumentos federales en la ayuda a los desempleados, seguridad social e incapacidad. ¿Por qué? Porque estos beneficios llegan a los grupos de menores ingresos, que gastan la mayor parte en bienes de consumo y servicios que indirectamente, crean empleo. El gasto en infraestructura es otra buena estrategia con dobles beneficios: crea empleos y al mismo tiempo provee mejoras permanentes a la infraestructura pública. La ayuda federal a los gobiernos estatales y locales, una tercera estrategia, es buena porque mantiene los servicios sociales existentes y también permite a los gobiernos locales ayudar a aquellas comunidades que requieren más asistencia.

Las últimas dos estrategias son similares a las adoptadas durante la Gran Depresión, cuando el gobierno federal, como el empleador de último recurso, creó proyectos de obras públicas con los que se construyeron senderos de roca en parques nacionales, obras de arte en edificios públicos y electricidad para toda una región a través de la Autoridad del Valle de Tennessee.

En enero de 2010 el Congressional Budget Office midió el efecto de varias medidas de estímulo por cada millón de dólares gastados (ver Policies for Increasing Economic Growth and Employment in 2010 and 2011 – Políticas para incrementar el crecimiento económico y el empleo en 2010 y 2011). Este estudio muestra que durante los cinco años desde 2010 a 2015, la asistencia a los desempleados creará 15 empleos por cada millón de dólares invertido, que cada millón de dólares en que se reduzcan los impuestos a las nóminas de los empleadores podrían crear 16b empleos y que la inversión en infraestructura en los Estados Unidos podría crear 10 empleos que también instalarían paneles solares en las oficinas de correo, restaurarían los parques nacionales además de otras mejoras.

En relación a las obras públicas que se financian con fondos federales, el presupuesto del presidente para el año 2011 incluye el esquema de ese programa, con más fondos para la construcción de carreteras, promoción de la eficiencia energética (como climatización doméstica medioambientalmente amigable) e investigación científica. Si se implementa, podría ser un gran impulso a la creación de empleo y aseguraría beneficios de largo plazo.

Mi propia contribución para crear trabajos ocasionales es la conversión de los letreros camineros del país al sistema métrico. Aprender el sistema métrico ayudaría al país a competir en un mundo globalizado. Tenga en cuenta únicamente el dinero que los negocios gastan hoy en día porque tienen que hacer dos sets de productos y de instrucciones: uno para el público estadounidense y el otro para el resto del mundo que usa el sistema métrico universal.

MEDIDAS DE EMERGENCIA

La preocupación por el creciente déficit fiscal es justificada, pero debe verse en el contexto de la recesión. Es bueno analizar el desempleo en términos médicos. Así visto, el estímulo federal es como un tratamiento de emergencia. Cuando un fumador con exceso de peso tiene un ataque al corazón, el doctor deja de lado las soluciones de largo plazo, como una mejor dieta y ejercicio, y se aboca a tratar el corazón que ha fallado. Ese es el estado de la economía en este momento. Primero el gobierno debe asegurar que el paciente sobreviva, y luego indicar la rehabilitación de largo plazo (reducción del déficit, regulación más estricta del sector financiero, mayores garantías gubernamentales para los fondos de pensiones) para alejar crisis futuras.

En la historia reciente los gobiernos han usado el gasto deficitario para ayudar a los mercados privados cuando éstos han quebrado. Dadas las altas tasas de desempleo y sus costos que se prolongan en el tiempo, es difícil entender la fuerte oposición de algunos congresistas a políticas que han reducido el desempleo durante 70 años. La oposición parece estar enraizados en una filosofía política que promueve el estado pequeño, incluso si el costo es el empleo de los trabajadores.

En enero la administración Obama dio un paso atrás cuando anunció un congelamiento en el gasto del gobierno federal. El congelamiento es aplaudido entre aquellos que se preocupan por el déficit, pero no ayuda a la creación de trabajos o estimula la economía. Como economista, aplaudo el Recovery Act del presidente y las proposiciones del presupuesto que incluyen gasto deficitario. Pero discutiría que el país necesita un ataque más frontal, agresivo y confiado contra el desempleo —un nuevo paquete de estímulo lo suficientemente grande como para asegurar que la deuda resultante será pagada—.

El gasto deficitario es gasto en inversión; tiene retorno. A pesar que las fuerzas políticas anti-déficit quieren transformar esto en una paradoja, no lo es. Es matemática básica. El gasto deficitario hoy día soluciona el déficit de mañana. Los negocios incurren en gasto deficitario. Los hogares lo hacen. Y también los gobiernos. Pedir prestado hoy para crear empleos significa más retorno en impuestos en la sana economía de mañana.
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Teresa Ghilarducci. Bernard Schwartz Profesora de economía en el New School en New York y autora de When I’m Sixty Four: the Plot Against Pensions and the Plan to Save Them. Durante 25 años fue profesora de economía en la University of Notre Dame. Publicado en revista America, www.americamagazine.org
 


 
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