Defining Prosperity Down
By PAUL KRUGMAN, The New York Times
Published: August 1, 2010
I worry that those in power, rather than taking responsibility for job creation, will soon declare that high unemployment is “structural,” a permanent part of the economic landscape – and that by condemning large numbers of Americans to long-term joblessness, they’ll turn that excuse into dismal reality.
…
We’re told that we can’t afford to help the unemployed – that we must get budget deficits down immediately or the “bond vigilantes” will send U.S. borrowing costs sky-high. Some of us have tried to point out that those bond vigilantes are, as far as anyone can tell, figments of the deficit hawks’ imagination – far from fleeing U.S. debt, investors have been buying it eagerly, driving interest rates to historic lows. But the fearmongers are unmoved: fighting deficits, they insist, must take priority over everything else – everything else, that is, except tax cuts for the rich, which must be extended, no matter how much red ink they create.
The point is that a large part of Congress – large enough to block any action on jobs – cares a lot about taxes on the richest 1 percent of the population, but very little about the plight of Americans who can’t find work.
Monday Business Edition is an Open Thread
1 Greek truckers end week-long strike
by John Hadoulis, AFP
Sun Aug 1, 3:48 pm ET
ATHENS (AFP) – Greek truckers on Sunday called off a week-long strike that stranded thousands of travellers and nearly dried up fuel around the country at the peak of the busy tourism season.
“We have decided, by narrow majority, to suspend the strike,” the head of the Greek truck owners confederation, George Tzortzatos, told reporters after a union meeting that lasted over three hours.
“Transporters will be back at the steering wheel as of tomorrow,” he said. |
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