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Politics : View from the Center and Left

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To: slacker711 who wrote (126279)	12/4/2009 12:03:11 PM
From: JohnM	Read Replies (2) of 542681

Hopefully, this will make it a bit more politically difficult to jam through a jobs program before we get more data. Krugman agrees with you (subtract the "hopefully"), though for quite obviously different reasons. ------------------------------ December 4, 2009, 10:33 am Good news is bad news DESCRIPTIONFederal Reserve Board of Governors Today’s unemployment report was good news. But in a real sense good news is bad news, because this month’s not-too-bad number deflates the sense of urgency. The fact remains that realistic projections show unemployment staying disastrously high for many years. The chart above is from the minutes of the Fed’s Open Market Committee. Unemployment above 8 percent in the fourth quarter of 2011; above 7 percent in the fourth quarter of 2012. And what are we going to do about it? The de facto consensus is, not much — that we can’t and/or shouldn’t take any significant further action. It’s a tragedy, wrapped in a weird complacency. krugman.blogs.nytimes.com

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