Tags: Krugman | leaders | damn | care | paul

Krugman: Our Leaders Just Don't Give a Damn

Thursday, 05 Aug 2010 08:59 AM

Economist Paul Krugman says the powers that be simply don't care about American workers anymore.

Krugman says a large part of Congress — large enough to block any action on jobs — 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.

"Yes, growth is slowing, and the odds are that unemployment will rise, not fall, in the months ahead," Krugman writes in The New York Times. "That's bad."

"But what's worse is the growing evidence that our governing elite just doesn't care — that a once-unthinkable level of economic distress is in the process of becoming the new normal."

Krugman worries that those in power, rather than taking responsibility for job creation, will soon declare that high unemployment is “structural,” a permanent part of the economic landscape, thereby condemning large numbers of Americans to long-term joblessness.

“Not long ago, anyone predicting that one in six American workers would soon be unemployed or underemployed, and that the average unemployed worker would have been jobless for 35 weeks, would have been dismissed as outlandishly pessimistic,” Krugman notes.

Now that has happened, and “Congress (is) sitting on its hands, with Republicans and conservative Democrats refusing to spend anything to create jobs, and unwilling even to mitigate the suffering of the jobless.”

The jobless rate rose to 9.6 percent last month from 9.5 percent in June, according to the median estimate of 57 economists surveyed by Bloomberg News ahead of Friday's Labor Department report. 

A drop in federal census workers as the population count wound down depressed payrolls by 60,000, the data may also show.

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Economist Paul Krugman says the powers that be simply don't care about American workers anymore. Krugman says a large part of Congress large enough to block any action on jobs cares a lot about taxes on the richest 1 percent of the population, but very little about the...
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2010-59-05
Thursday, 05 Aug 2010 08:59 AM
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