Paul Krugman : Our exaggerated fear of debt creates a catastrophe. It’s ruining many lives, and at the same time making us poorer and weaker in every way. And the longer we persist in this folly, the greater the damage will be

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Excerpts from Paul Krugman in New York Times :

The shadow of long-term unemployment means that  austerity policies are counterproductive even in purely fiscal terms. Workers, after all, are taxpayers too; if our debt obsession exiles millions of Americans from productive employment, it will cut into future revenues and raise future deficits. 

 

My Comment :

Observe that unemployment is always higher for Minorities and Very Young People in general. This should have political consequences.

The New York Times
The Jobless Trap
By PAUL KRUGMAN
April 21, 2013


The Jobless Trap

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