There are not many new and exciting policy levers that can be pulled by Congress and the president to solve today’s unemployment crisis. Fortunately, the old (and presumably boring) policy levers could reduce unemployment much more quickly if applied with enough force. If we do indeed ease up on efforts to boost demand and jobs after (or even before) the end of this fiscal year, then we will surely consign ourselves to years of unemployment that is higher than it has to be. This is not just a human tragedy (though it surely is that), but it is also a huge economic waste.
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