Economic forecasters exist to make astrologers look good. Most had forecast growth of at least 3 percent (on an annualized basis) in the first quarter. But we learned this morning (in the Commerce Department’s report) it grew only 2.5 percent.

What should the president do now?

Push to repeal the sequester (a reconciliation bill in the Senate would allow repeal with 51 votes, thereby putting pressure on House Republicans) and replace it with a “Build America’s Future” Act that would close tax loopholes used by the wealthy, end corporate welfare, impose a small (1/10 of 1%) tax on financial transactions and reduce the size of the military.

Brace yourself. In coming weeks you’ll hear there’s no serious alternative to cutting Social Security and Medicare, raising taxes on middle class and decimating what’s left of the federal government’s discretionary spending, on everything from education and job training to highways and basic research.

“We” must make these sacrifices, it will be said, in order to deal with our mushrooming budget deficit and cumulative debt. 

But most of the people who are making this argument are very wealthy or are sponsored by the very wealthy: Wall Street moguls like Peter Peterson and his “Fix the Debt” brigade, the Business Roundtable, well-appointed think tanks and policy centers along the Potomac, members of the Simpson-Bowles commission. 

A group of prominent economists today urged President Obama and congressional leaders to raise the federal minimum wage, which has been stuck at $7.25 an hour for three years. In a letter to the president and lawmakers they wrote: 

A higher minimum wage at this juncture will not only provide raises for low-wage workers but would provide some help on the jobs front as well.

Tune in Tuesday, Feb. 21, for the televised National Teach-In to Take Back the American Dream. Broadcast on Free Speech TV at 9 p.m. EST/6 p.m. PST, the teach-in will outline the facts on who broke the economy for the 99 percent and what needs to be done to fix it.

Tune in tonight (7-8:30 p.m. EDT) to join a live webcast of the AFL-CIO National Teach-In on jobs and the economy. Click here for the live webcast. The Teach-In is part of the AFL-CIO’s National Week of Action demanding Congress promote a real jobs agenda.

Republican presidential candidate Rick Perry touts his job creation record as governor of Texas, but the reality is that new Texas-style jobs are low-wage jobs. Writing on RobertReich.org, University of California, Berkeley, professor and former U.S. Labor Secretary Robert Reich says even though Texas leads the nation in job growth, a majority of Texas’ workforce is paid hourly wages rather than salaries. And the median hourly wage there was $11.20, compared with the national median of $12.50 an hour.