BUSINESS

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

03/18/2010 05:12 am ET | Updated May 25, 2011

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.

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