Job Market Monitor
Krugman
Unemployment Benefits in US – The total value is half what it was in 2003 writes Krugman
Only 26 percent of jobless Americans are receiving any kind of unemployment benefit, the lowest level in many decades. The total value of unemployment benefits is less than 0.25 percent of G.D.P., half what it was in 2003, when the unemployment rate was roughly the same as it is now. It’s not hyperbole to say … Continue reading
Most labor economists consider that unemployment benefits have only a modest negative effect on job search writes Krugman
On the contrary, unemployment benefits help create jobs, and cutting those benefits would depress the economy as a whole he says Continue reading
US / Raising That Minimum Wage: Surprisingly a good policy says Krugman
The president’s call for a rise in the minimum wage from $7.25 an hour to $9, with subsequent increases in line with inflation. The question we need to ask is: Would this be good policy? And the answer, perhaps surprisingly, is a clear yes. Why “surprisingly”? Well, Economics 101 tells us to be very cautious … Continue reading
Western world’s policy elite somehow decided en masse that unemployment was no longer a crucial concern writes Krugman
Three years ago, a terrible thing happened to economic policy. Although the worst of the financial crisis was over, economies on both sides of the Atlantic remained deeply depressed, with very high unemployment. Yet the Western world’s policy elite somehow decided en masse that unemployment was no longer a crucial concern, and that reducing budget … Continue reading
Structural Unemeployment | In the long run we are all dead and in the short run, there is a lot of pain
Krugman: So now we’re in another depression, not as bad as the last one, but bad enough. And, once again, authoritative-sounding figures insist that our problems are “structural,” that they can’t be fixed quickly. We must focus on the long run, such people say, believing that they are being responsible. But the reality is that … Continue reading
Focus on jobs, not the budget deficit says Krugman
Paul Krugman has a simple message for U.S. policymakers: Forget about the country’s huge budget deficit. It can be fixed over the next decade. Focus instead on the much more immediate problem of mass unemployment. “It’s not true we’re going over a cliff on fiscal problems,” the Nobel Prize-winning economist said in an interview with … Continue reading
UPDATE | The cry of an innocent | David Cameron is disappointed by his “remarkable achievement”
Cameron’s Remarkable Achievement – NYTimes.com When David Cameron became PM, and announced his austerity plans — buying completely into both the confidence fairy and the invisible bond vigilantes — many were the hosannas, from both sides of the Atlantic. Pundits here urged Obama to “do a Cameron”; Cameron and Osborne were the toast of Very … Continue reading
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