Why Washington Accepts Mass Unemployment

3 posts / 0 new

The Fed is more worried about inflation than about the scandal/ failure called mass unemployment.

"Good news! The economy added 163,000 jobs last month, just a bit over the level required to keep up with population growth. A return to a free fall now seems less likely. On the other hand, there is the small footnote that the return to full employment is nowhere in sight. The recovery looks safe for those of us who are not already screwed. That, sadly, has come to be the primary focus of our economic policy.

In the years since the collapse of 2008, the existence of mass unemployment has stopped being something the economic powers that be even pretend to regard as a crisis. To those directly impacted, the economic crisis is an emergency, a life-altering disaster the damage from which will endure for years. But most of those in a position to address it simply have not seen it in such terms. History will record that the economic elite has viewed the economic crisis from a perspective of detached complacency.."

Maybe the guaranteed basic income and/or community centers are the antidotes to elite failures and market failures. Vancouver BC has 23 community centers, some with swimming pools that could take your breath away! The Washington Consensus (privatization, deregulation and liberalization of markets) like infinite growth is more the cause of economic malaise than its solution.

to read Jonathan Chait's article published 8/3/2012, click on


demandside's picture
Jul. 31, 2007 4:01 pm


Once again, the poor (and unemployed) have shitty lobbyists. The Koch Bros, and Shelly Adelson, have great lobbyists. Do you think we will do anything for the unemployed, or will there be more tax cuts?

Phaedrus76's picture
Sep. 14, 2010 8:21 pm


Abstract: I have a question for the economic dummies who lead the West:

What is best? 2% inflation and 10% unemployment? Or 10% inflation and 2% unemployment?", from


is a good essay on this topic by Patrice Ayme

pshakkottai's picture
Jul. 11, 2011 11:27 am

Latest Headlines

Tsipras beings ‘race to reform' following Greek confidence vote

The first set of 48 reforms which include tax hikes and pension cuts needs to be turned into law by October 15

Refugee Kickstarter Nearing 5,000 Beds

A Kickstarter campaign was formally launched Monday, and by Thursday morning the initial goal of $735,000 had been met

ISIS Training Russian-Born Fighters In Afghanistan: Report

Some of the trainers include U.S. and U.K. citizens, the diplomat said

Why the Media isn’t Covering Citizens United

Americans have always been skeptical of corporate power. In fact, this country was founded by a revolt against the biggest corporation of its day - the British East India Company.

You know how conservatives are always going on about how the Boston Tea Party was an example of America’s anti-government roots?

Powered by Drupal, an open source content management system