ABC News:
obel-Prize winning economist Paul Krugman said the nation is on course for a "prolonged jobless" economic recovery unless the Obama administration steps in with a second round of government stimulus money.
Chip Conley: Jobless Recovery = Sexless Marriage
I wonder whether there's a growing disconnect between how we define macro-prosperity with how it shows up in our micro-lives -- and what kind of psychological damage that does to us.
Sheldon Filger: Second Obama Stimulus Spending Bill Looms On the Horizon
There is increasing talk in Washington that a second dose of deficit-driven stimulus spending will be required if the nation's severe economic contraction is to be reversed.
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"PROLONGED JOBLESS RECOVERY"
hmmm......is that like
"MISSION ACCOMPLISHED" ???
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Obama and the dems in congress are not trying to run the economy. They are trying to stimulate the economy by funding jobs and infrastructure development to help restore the confidence in business and consumers. The government is the only remaining player that can play and it must or everything else will collapse. It is amazing that you can't see this, but I suppose it comes down to the reality that conservatism as practiced recently, failed miserably and you just can't admit it. Now the libs have to pull your fat out of the fire and it must be really horrible for you, but we have to have a recovery, so there it is. This is the reason why Krugman is worried and wondering if the government is doing enough because if we don't get people back to work soon, the problem can get much worse.
We gave 7 trillion to the Bankers who continue to crash the economy, and 1 trillion to main street, most of which goes to large multinational companies.
It's Hoover versus FDR all over again.
A few fitly rich bankster will get even richer.
the rest of us will be impoverished serfs.
That's what Paul is talking about.
This this is the great battle of our millennium: Democracy versus Plutocracy.
7 to 1 for Plutocracy so far....
and a overwhelmingly conservative corporatist governmnet: GOP plus DLC, including rahm, clinton, and obama. Only the Kucinich type folks actually care about people.
Jobless recovery? Krugman knows the difference between the end of a recession and when companies begin to hire again. I hope
No a Nobel prize winner has no idea. You deserve that prize for being you.
Oh please. I know he has a "nobel prize", but he should be honest. There's a difference.
It certainly seems to be a jobless recovery!
The American Dream seems to be working fine for the rich and wealthy from their stocks manipulations - and who needs workers anyway... "They can eat biscuits if they can't find bread!" saif Marie Antoinette!
I don't know why anybody listens to Krugman.
He wrote an article in the New York Times where he said: " Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
He promotes painful bubbles that end up busting and causing a lot of pain...
Here's the article he wrote:
http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html
Actually, he said, "And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
And he was actually merely detailing another economist's view of how the White House, Wall Street and Greenspan were creating a housing bubble, mostly to cover their asses from the fallout from the Internet bubble. Your quote is Krugman's quote of another economist.
Krugman is actually clarifying, and in a way, predicting, a housing bubble, and then further, describing insider incentive to create one. He's not advocating the bubble.
Do you hate Krugman, or are you just a poor reader?
I've been unemployed for seven months now. I have sent out hundres of resumes. If this is in fact a jobless recovery, I fear for my family and our future. Frankly, I don't care about health care right now. I think we should focus on the economy first. It feels like people care more about Michael Jackson than all of those unemployed folks out there. Nobody seems to care.
The MSM sure does. Hope things turn around for you
exactly.......... I loved MJ, but he's not here anymore we have to start worrying about the living.
Clinton = 23 Million new jobs
Bush = Loss of 14 Million jobs
Population needs 250k jobs per month to keep up with population growth
Hang in there, friend.
Krugman talks too much - "jobless recovery?" - is that like being almost pregnant?
first 700 trillion didnt help? no sh*T
Here's my 2 cents:
The TARP money was used to stabilize the financial sector with the intentions of reopening lines of credit. Unfortunately, the crisis in the housing market was larger than expected and delinquencies and foreclosures have continued. I had suggested more than once, on talk radio of all places that the cure to our economic crisis was to stabilize the housing market. I had suggested, prior to the $700 billion TARP being passed, that the federal government should step in a put a floor in the housing market. By this, I meant that every single-family primary residence with a mortgage should be reduced by 20%. I had estimated the cost between $1.7 and $2.1 Trillion. While this proposal went against my belief that government should allow the free-market to work itself out, I felt that government intervention had led to the crisis via the GSE’s, and the government should take corrective action. Of course, this idea did not go over well with the conservative radio host or its listeners. However, I argued, by allowing the government to place a floor in the housing market it would significantly reduce the number of foreclosures while avoiding a credit crunch. The resulting growth of the economy, in my opinion, would have paid for the mortgage reduction within 5 years by the increased tax revenue. Either way, we’ve now spent nearly $2 Trillion and foreclosures are still on the rise while values are on the decline.
tax revenue is the problem. this is why liberals always fail.
As usual, Krugman is right.
Let's see, the President's priorities:
-bailing out Wall St.
-bailing out the banks
-bailing out auto cos
--escalating the war in Afghanistan
-continuing the forever war in Iraq
In the meantime, people are dying because the health insurance cos would rather make huge profits and spend millions of dollars on executive compensation than honor legitimate claims and support those in need after taking their money.
I guess the insurance companies are just copying Congress.
Take the people's money and squander it on things that don't fix one single problem that the average guy/gal on the street needs help with: how to feed clothe and shelter the family, educate the kids, care for aging parents, and sock something away for dignity in old age.
It' ain't happening, Mr. President., and rhetoric is not going to get us there.
Thank you Mr. Krugman, The present monetary system is not fixable: it is a killing machine upon the population. Jobs and businesses are still contracting; all talk of "signs" are lies. The economy needs 500,000 jobs per month: a massive job mobilization program. As per Lyndon LaRouche: put the Fed into bankruptcy, all banks thar qualify will be put into bankruptcy and will join the U.S, National Bank. Re-enact Glass-Stegal. Credits and currency will be issued into the economy. Jobs and purchasing power will be introduced into the population's physical economy. Stop the foreclosures. Enact the Homeowners and Bank Protection Act. Water, food and energy production and distribution must be maintained and increased wherever possible. Start the construction of 100 nuclear generating and distribution systems. Auto industry capacity can start mass transit systems, water harvesting and distribution systems etc.
I agree that this recession with end without producing any jobs growth. I agree that other recessions have somewhat done the same thing.
The prime minister of Canada spoke about a week ago concerning the US and its recovery. He was not judgmental but as an economist spoke in reality instead of political rhetoric. The US is deeply in debt which has been going on for a very long time. True during the Clinton years when we had the tech explosion we had a year or two with a surplus budget. However the long-term debt never got touched. The ss and medicare remained underfunded. The tech explosion created a tech bubble that burst. To keep the US economy going the interest rate was kept artificially low to entice risky behavior in the stock market and real estate markets.
Jobs will not come back because jobs are leaving this country at a fast clip. Our lack of being competitive will increase with the burden of energy tax, high corporate taxes, and mounting medical expenses that drain the bottom line.
Instead of re-inventing the wheel how about instead we look at our present medical system and clean it up. Who are the 45 million without health insurance? Let's address that hole. Let's address the malpractice problem. Let's address the over use of the emergency room. Let's explain to policy holders that having health care doesn't mean you can abuse it.
Let's have a single payer public option so that our economy can be competitive with others that do not waste resources on maintaining a vast duplicative boondoggle of profiteering health insurers, providers and middlemen.
Cool. Hope you check it out. How our gov is spending our cash.
http://it.usaspending.gov/
The job market is awful and not likely to get better anytime soon. I see several Obamab0ts attacking Krugman, egged on by Rep ukes who don't want any stimulus at all. Krugman is right. The economy is not getting better......it is actually getting worse. The unemployment numbers are cooked, as usual, and do not tell the real story. People are having their hours cut. Wages are being frozen or people are taking cuts in pay and/or benefits. People no longer collecting unemployment or who have given up searching and not counted in the official unemployment numbers. Several states are nearly bankrupt. Welcome to America, folks. But this is not your father's America. It is on the verge of becoming a third word nation.
The first problem is that we can't expect the stimulus package to work in 6 months. It didn't take 6 months to get us here, we won't get out of it in 6 months.
However, the bigger problem is that so many people on both sides of the aisle wrote their congressmen begging for at the very least a codicil of more regulation and transparency.
It just didn't happen. They have stopped listening to us. And THAT is a problem.
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First Posted: 07- 1-09 07:54 AM | Updated: 08- 1-09 05:12 AM