Instead of addressing the unemployment crisis, the U.S. and other major world economies are foolishly acting concerned about potential future deficits. Nobel Prize winning economist Paul Krugman opines that this deficit-attention could lead us into the third depression in modern history.
If you want to see where the true crisis lays, go to this HuffPo article and scroll down a bit to see the long-term unemployment graph. For the first time in recorded history, more than 7,000,000 people have been recorded as unemployed for longer than 27 weeks. That’s 8 months or more, folks. And it absolutely crushes the previous record set in the Reagan Regime of a mere 3,000,000 unemployed people.
What’s the response to 7,000,000 long-term unemployed Americans? A continuation of Reaganomics, the economic theory that got us in this disaster in the first place. President Obama must want to only serve one term. That’s certainly what he’ll get if he continues to be led around by the nose by deficit-concern-trolls.