Embracing the Myth of Structural Unemployment
Paul Krugman, The New York Times | August 3, 2010
The American governing elite has begun to define high levels of economic distress as the new normal for workers. ++ Politicians are in the process of repudiating their responsibility to create jobs by labeling high unemployment as “structural” and permanent. ++ The Federal Reserve is complicit in defining success down, which will quickly become a self-fulfilling prophecy. ++ “A large part of Congress… cares a lot about taxes on the richest 1 percent of the population, but very little about the plight of Americans who can’t find work.”
