MONEY AND WORK

News from the Progressive Review, providing alternative news and comment for over four decades.

July 23, 2009

JOBS NOT ALL THAT IMPORTANT TO HEALTHY ECONOMY ACCORDING TO ELITE

The establishment - in this case including Larry Summers, the Wall Street Journal, Washington Post and economists' - appear to have defined employment of Americans as of secondary importance in our economy

Wall Street Journal - The job market is doing even worse than the overall economy, prompting concern inside and outside the government that deeper-than-expected joblessness could persist once the recession ends.

Washington Post - The recession is expected to end sometime this year, but it could take far longer before millions of unemployed Americans notice. . . . . . . Economists worry that the worst recession of the post-World War II era could be followed by what they call a "jobless recovery," where output, or the gross domestic product, increases steadily while employment lags behind.

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