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Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

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Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

Post by Guest on Fri Apr 29, 2011 10:26 am

Last month more than 14 million Americans were unemployed by the official definition — that is, seeking work but unable to find it. Millions more were stuck in part-time work because they couldn’t find full-time jobs. And we’re not talking about temporary hardship. Long-term unemployment, once rare in this country, has become all too normal: More than four million Americans have been out of work for a year or more.
Lately the inflationistas have seized on rising oil prices as evidence in their favor, even though — as Mr. Bernanke himself pointed out — these prices have nothing to do with Fed policy. The way oil prices are coloring the discussion led the economist Tim Duy to suggest, sarcastically, that basic Fed policy is now to do nothing about unemployment “because some people in the Middle East are seeking democracy.”

So much for the Fed’s independence. And so much for the future of America’s increasingly desperate jobless.

http://www.nytimes.com/2011/04/29/opinion/29krugman.html?_r=1&smid=tw-NytimesKrugman&seid=auto

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Re: Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

Post by exhaustedandtired/1208 on Fri Apr 29, 2011 10:30 am

My question is, The only thing the president takes credit for is his job creation and says the job market is getting better. Is it really???

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Re: Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

Post by Guest on Fri Apr 29, 2011 11:14 am

exhaustedandtired/1208 wrote:My question is, The only thing the president takes credit for is his job creation and says the job market is getting better. Is it really???

I don't think the President is taking credit for creating jobs - he doesn't have the power to do that.

As far as the job market getting better, from my perspective it isn't. But then, I am a "99er", I have been out of work 3 years. This puts me in a different category than people who are just losing their jobs. For them, maybe things may look a little better, but with 3 million jobs for 15 million people (and that number doesn't reflect the 99ers), I don't see how they can claim things are getting better for anyone.

Look at the response to the McDonald's Job Fair, from what I calculate, there were 62,000 jobs and one million applicants. 16.1 people applying for each "McJob" opening. Doesn't sound any better to me.

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Re: Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

Post by suri on Fri Apr 29, 2011 12:47 pm

SOME of the important factors in this unemp CRISIS is the age group of 55yr + (including my DH) who were cut loose during their prime earnings years, some with kids at home as we were. The emotional and mental torment of that aside (!) the financial pain never ends... Now with sooo many millions chasing so few jobs, years of experience and skills are discarded immediately from any emp apps DUE TO AGE ALONE!

There are more jobs posted lately and I'm a glass half full kind of person; however, MOST are part-time, low wage (like McD's) and STILL SWAMPED with applicants! (I know, I've been to the group interviews and STILL haven't recovered! lol)

I think it was Ed Schultz that had on about banks being 'given' so much money to lend and did nothing but trade funds and profit from it. While the housing market sits, and sits, and sits. NO we don't want to return to 'free wheeling' days but some leverage for the housing and unemp crisis would be quite in order imho.

Alot of factors came together for the "Perfect Storm", but alot more are needed for the RAINBOW BRIDGE to appear that will carry us forward! sunny

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Re: Krugman on the 'Intimidated Fed': Condemning Millions of Americans to the Nightmare of Long-term Unemployment

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