The Jobless Trap – NYTimes.com – Paul Krugman

dralfoldman:

Looking back, this is worth a read. It’s one of my most popular blogs. IMF are still pushing infrastructure investment

Originally posted on Dr Alf's Blog:

Paul Krugman, Laureate of the Sveriges Riksban...

Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Swedish Academy of Science in Stockholm (Photo credit: Wikipedia)

Here is a MUST READ article by Paul Krugman, the Nobel winning economist,  in the NYT. Check it out!

The Jobless Trap – NYTimes.com.

Krugman focuses on the long-term unemployed that are are a direct casualty of misguided and erroneous policies of austerity. It’s time to focus on getting people back to work and addressing the cancer of youth unemployment, the lost generation.

Policy-makers need to be bold and embrace tested Keynesian medicines for recession. Central banks have done magical stuff, now it is the turn of fiscal policy. Huge reflation is required.

Because of the austerians, there will be a huge skills shortage. It is time to bring back all people on the bench…

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Osborne has now been proved wrong on austerity – Martin Wolf -FT.com

Originally posted on Dr Alf's Blog:

This is an excellent, MUST-READ article by leading financial journalist, Martin Wolf, writing in the FT.

via Osborne has now been proved wrong on austerity – Martin Wolf -FT.com.

The reality that the economic management of the UK under David Cameron  has been an omni-shambles must be sold to the masses ahead of the next election, in my view. Conservative Vs. Labour economic management will be the pivotal issue in the next election, in my judgement.

Because of excessive authority, most people, especially the middle and lower classes have suffered unnecessary financial hardship. The main beneficiaries under Osborne have been the very high earners and very seriously wealthy.

Let me turn this to an open question:

Why has the popular media not focused more on the unnecessary pain caused by Osborne’s excessive austerity?

Any thoughts?

DALIAN/CHINA, 12SEPT09 - Martin Wolf, Associat... DALIAN/CHINA, 12SEPT09 – Martin Wolf, Associate Editor and Chief Economics Commentator, The…

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