sharon sanders
Editor-in-Chief & President
Re: Financial Balance
The Mutilated Economy
By PAUL KRUGMAN
Published: November 7, 2013
snip
It?s pretty clear, however, that the blockbuster paper of the conference will be one that focuses on the truly ugly: the evidence that by tolerating high unemployment we have inflicted huge damage on our long-run prospects.
snip
What?s more, the authors ? one of whom is the Federal Reserve Board?s director of research and statistics, so we?re not talking about obscure academics ? put a number to these effects, and it?s terrifying. They suggest that economic weakness has already reduced America?s economic potential by around 7 percent, which means that it makes us poorer to the tune of more than $1 trillion a year. And we?re not talking about just one year?s losses, we?re talking about long-term damage: $1 trillion a year for multiple years.
more...
http://www.nytimes.com/2013/11/08/o...are&adxnnlx=1383934099-+YSf9b3RB8XCgwe0M7r6qw
The Mutilated Economy
By PAUL KRUGMAN
Published: November 7, 2013
snip
It?s pretty clear, however, that the blockbuster paper of the conference will be one that focuses on the truly ugly: the evidence that by tolerating high unemployment we have inflicted huge damage on our long-run prospects.
snip
What?s more, the authors ? one of whom is the Federal Reserve Board?s director of research and statistics, so we?re not talking about obscure academics ? put a number to these effects, and it?s terrifying. They suggest that economic weakness has already reduced America?s economic potential by around 7 percent, which means that it makes us poorer to the tune of more than $1 trillion a year. And we?re not talking about just one year?s losses, we?re talking about long-term damage: $1 trillion a year for multiple years.
more...
http://www.nytimes.com/2013/11/08/o...are&adxnnlx=1383934099-+YSf9b3RB8XCgwe0M7r6qw