Paul Krugman: It's Time For An Emergency Jobs Program

New York Times:

So it's time for an emergency jobs program.

How is a jobs program different from a second stimulus? It's a matter of priorities. The 2009 Obama stimulus bill was focused on restoring economic growth. It was, in effect, based on the belief that if you build G.D.P., the jobs will come. That strategy might have worked if the stimulus had been big enough -- but it wasn't. And as a matter of political reality, it's hard to see how the administration could pass a second stimulus big enough to make up for the original shortfall.

So our best hope now is for a somewhat cheaper program that generates more jobs for the buck.

Read the whole story: New York Times

Comments

[invest in jobs]

03:45 PM on 12/02/2009

Now that Obama tacked unemployment benefits he needs to set his focus no on WALL STREET REGULATION and JOBS

good articles; http://financeopinionss.blogspot.com

[skullman]

10:24 PM on 12/01/2009

I wish Krugman was a part of this administration.

[RTIII]

01:54 PM on 12/01/2009

Krugman is right _again!_
.

[invest in jobs]

01:41 PM on 12/01/2009

VMr Summers , bernanke, Geithner, Hillary are three people I could stand to see lose their jobs

hat tip to http://financeopinionss.blogspot.com outrage

[sc300nc]

04:02 PM on 11/30/2009

How many failed government programs do we need before "they" realize that the government cannot create jobs, sustainable jobs, good jobs.

[TracerTong]

06:22 PM on 12/01/2009

How many failed tax cuts, deregulation schemes, and recessions do we need before "they" realize that the market cannot fix all of our problems?

[caveman1313]

03:55 PM on 11/30/2009

oh great, dredge something up from carter administration. Carter's jobs program accomplished just one thing. it reduced unemployment but it did not improve the economy.

build infrastructure? right. the green shirts are fighting any new infrastructure. in my town the local cities want to build a new bridge. the green shirts are fighting it because it will cause growth and increase the number of cars on the road.

perhaps the greens would be ok building infrastructure that won't get used for economic growth?

[Erdgeist]

11:51 AM on 11/30/2009

"It was, in effect, based on the belief that if you build G.D.P., the jobs will come. That strategy might have worked if the stimulus had been big enough -- but it wasn't" ~ Paul Krugman

Paul is right. Public investment (i.e., stimulus) should have been way more - but our dear Republicans just couldn't see money going to working people - the MIC (Military-Industrial Complex) YES!

But there is another problem with GDP. It is now the "phantom GDP". Presently, GDP is not based on the real effect of offshoring **. In other words, you can have great GDP but essentially everyone is under employed, making chump wages, with no real investment going on in America which, btw, creates jobs.

**http://www.businessweek.com/magazine/content/07_25/b4039001.htm

[birdincage]

01:11 PM on 11/30/2009

We have a jobs program. It's called the Dept. of Defense. They give us contracts to make stuff they don't need. Take some of the kids off for active duty where they get blown up, which creates jobs for medical workers and other caregivers. Housing is also important to the Dept. of Defense so lots of jobs are created in that industry both at home and the military bases overseas along with the biggest embassies in the world to show how important we are. They also offer lots of job training which employees educators. And if there aren't enough Americans to fill these jobs, like the ones making stuff they don't need, they outsource them to China. Then of course, there are all the jobs created to make military hardware like guns of every caliber, bombs, etc., aircraft, aircraft carriers and other water carriers, which we sell to friends and enemies alike. These jobs are also good for creating environmental disasters so there should be plenty of jobs to clean those messes up. With nearly two-thirds of our tax dollars going to this enterprise, all we need to do is keep all those phony wars going. Who can complain about that?

[SnoDad]

11:25 AM on 11/30/2009

The Obama Administration has really underperformed the people that elected him on this issue - It is basically corporate welfare for the people who got us in this situation and unemployment and foreclosure for the American people. This article - http://www.capitalismgonewild.com/2009/11/dubai-to-default-on-60-billion-120.html is generally about Dubai but it sums up where Obama went wrong.

[invest in jobs]

11:19 AM on 11/30/2009

Stock market going up as always while unemployment continues to rise. Scr4w themiddle class..scr3w the unemployed is that the administration seems to be implying. Geithner , Bernanke & summers could care less about job loss.

hat tip to http://financeopinionss.blogspot.com

We were promised 'shovel ready' jobs and green jobs with this massive stimulus, yet the results have been anything but stimulating for those out of work. Nevertheless, the rigged economy grew 3% so we can all pretend the recession is over.

[dandypuddin]

10:44 AM on 11/30/2009

So the first stimulus wasn't big enough, didn't create jobs and there is not a chance that we could get a second one passed.

So, it was just wasted tax dollars, in essence, that could have gone straight to the social safety net protecting people UNTIL jobs came back. But, that would be socialism. Right.

What will people live on until jobs come back? The kindness of strangers?