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‘Forgotten Millions’ – Paul Krugman

1

Via: NYT

Let’s get one thing straight: America is NOT facing a fiscal crisis. It is, however, still very much experiencing a job crisis.

It’s easy to get confused about the fiscal thing, since everyone’s talking about the “fiscal cliff. (ignore photo)”  Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff.

In fact, of course, it’s just the opposite: The danger is that the deficit will come down too much, too fast. And the reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff.

~

Meanwhile, there is almost no organized pressure to deal with the terrible thing that is actually happening right now — namely, mass unemployment. Yes, we’ve made progress over the past year. But long-term unemployment remains at levels not seen since the Great Depression: as of October, 4.9 million Americans had been unemployed for more than six months, and 3.6 million had been out of work for more than a year.

When you see numbers like those, bear in mind that we’re looking at millions of human tragedies: at individuals and families whose lives are falling apart because they can’t find work, at savings consumed, homes lost and dreams destroyed. And the longer this goes on, the bigger the tragedy.

~~~

Read more, HERE:

http://www.nytimes.com/2012/12/07/opinion/krugman-the-forgotten-millions.html?_r=2&adxnnl=1&partner=rss&emc=rss&adxnnlx=1354885607-Jjys0AIQl5fI3FhblUtB5A&

“And the reasons that might happen are purely political”

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December 8, 2012 - Posted by | Uncategorized | , , , , , ,

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