The Forgotten Millions -PAUL KRUGMAN

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At www.nytimes.com

'Let's get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisisIt's easy to get confused about the fiscal thing, since everyone's talking about the 'fiscal cliff.' Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff... it's just the opposite: The danger is that the deficit will come down too much, too fast. The reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff.'... 'the worst that could happen would be a fall in the dollar, which wouldn't be a terrible thing and might actually help the economy.'

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At www.nytimes.com


 

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The U.S. jobs deficit is 9 million according to th... by Mark Goldes on Saturday, Dec 8, 2012 at 3:22:46 PM