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

http://nymag.com/daily/intel/2012/08/why-washington-accepts-mass-unemployment.html

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

Comments

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
Phaedrus76
Joined:
Sep. 14, 2010 8:21 pm

"FIGHTING AGAINST MILD INFLATION IS FIGHTING FOR PLUTOCRACY & STAGNATION

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

http://patriceayme.wordpress.com/2012/04/06/inflation-now-in/

is a good essay on this topic by Patrice Ayme

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

Latest Headlines

Who rejected United States-North Korea peace talks?

There were conflicting reports on Sunday regarding a recent proposal for United States-North Korea peace talks which was allegedly made before North Korea"s recent nuclear test

U.K. Pound Falls As Markets Get Brexit Jitters

Bloomberg said on Monday the pound had sustained its biggest fall against the dollar in 11 months

Clinton: I'll defend Israel but push for 'two-state solution

Hillary Clinton believes both Republican candidates Donald Trump and Ted Cruz "missed the mark" with their approach to the Israel-Palestinian Arab conflict

Did the Fossil Fuel Industry Bring Us to the Point of No Return?

As runaway climate change continues to wreak havoc on the planet, it’s getting harder and harder to disagree with the idea that we’re in the middle of a potentially massive extinction event. It’s also getting harder and harder to ignore the potentially criminal liability of at least some fossil fuel companies for causing this mess.

Powered by Pressflow, an open source content management system