The new normal?

Posted: 23 April 2012 in Uncategorized
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Is high, long-term unemployment the new normal in the United States?

James Surowiecki discusses the effects of high unemployment on workers as well as on the economy as a whole, and the resistance within policymaking circles to do anything about it. Here’s his conclusion:

Five years ago, an unemployment rate of seven and a half per cent would have seemed outrageous, but it’s possible that five years from now it will seem not so bad. A long-term crisis, after a certain point, no longer seems like a crisis. It seems like the way things are.

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