THE CONTINUING UNEMPLOYMENT CRISIS. I have posted a number of times on my belief, as a Keynesian, that more fiscal stimulus was needed to get our economy operating at closer to capacity. For example, I posted here a year ago (on June 2, 2010) on what I called the unemployment crisis. In the post, I quoted Professor Brad De Long as saying on May 31, 2010 that it was “a uniquely propitious moment for the U.S. government to spend more and tax less.†Now, in this article, Professor Paul Krugman calls for action on unemployment and says: “But then, who is talking seriously about job creation these days? Not the Republican Party, unless you count its ritual calls for tax cuts and deregulation. Not the Obama administration, which more or less dropped the subject a year and a half ago.” Professor Krugman eloquently says that “in a rational world bringing an end to this tragedy would be our top economic priority.”
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