Solving the jobs crisis

Economist | Mar. 13, 2009 (News Analysis)

Not even the gloomiest predict that today’s slump will approach the severity of the Depression, which shrank America’s economy by more than a quarter, and put a quarter of the working-age population out of a job. But with the world in its deepest recession since the 1930s and global trade shrinking at its fastest pace in 80 years, the misery of mass unemployment looms nonetheless, and raises the big question posed in the Depression: what should ... Full Story »

Posted by Derek Hawkins

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Jack Dinkmeyer
2.6
 by Jack Dinkmeyer - Mar. 14, 2009

A befuddled article--the author concentrating on massive global unemployment, stating that it will blight the lives of millions for years to come. What should governments do? His answer–in the long term–is make it easier for businesses to fire people. He woefully underestimates unemployment rates, predicting 10% by year’s end–not understanding those no longer looking for work are no longer counted, making true unemployment about 19%..

What everyone overlooks is that during the depression even those with jobs were barely squeaking by–with salaries averaging between $3 and $6 a week.

That will mean abolishing job-subsidy programmes, taking away protected workers’ privileges and making it easier for businesses to restructure by laying people off.

What everyone overlooks is that during the depression, even those with jobs were also very bad off–barely squeaking by–working long hours for salaries averaging between $3 and $6 a week.

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