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The Spectacle Blog
In today’s Wall Street Journal, Nobel Prize-winning economist Michael Spence has an article, “Why the Old Jobs Aren’t Coming Back,” that reads as both a defense of President Obama’s infamous ATMs comment and a warning about further demand-side stimulus:
Many have expressed shock at the recent U.S. employment data. But 9.1% unemployment shouldn’t be a surprise. To address the jobs challenge, we must stop pretending that this is only a difficult cyclical recovery. The root of the problem is structural.
…
A stimulus package that temporarily restores elements of precrisis demand is unlikely to generate the escape velocity needed to get out of the jobs hole. Nontradable job growth can’t mask the declines in the tradable sector any more. The structural problem demands a structural answer.
View all comments (4) | Leave a comment
More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/06/24/spence-on-jobs-stimulus-atms-e
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WL| 6.24.11 @ 11:16AM
Do you ever notice how these folks hit you with a bunch of blather...and yes, it sounds intelligent, but it's blather...
I am going to tell everyone the real problem once...listen up ALL
DEMOCRATS HATE BUSINESS
DEMOCRATS HATE ENERGY EXPLORATION
DEMOCRATS HATE RICH PEOPLE WHO OWN BUSINESSES
DEMOCRATS LOVE THE TRIAL LAWYERS WHO COST BUSINESSES LOTS OF MONEY
DEMOCRATS love big government regs that squash the chances of turning a profit....
And just who IS the economy? BUSINESS AND BUSINESS PEOPLE!!!!!
So basically it's this...
When a group of rabble rousing sponges are running the government and attacking business PEOPLE with reckless abandon...and choking energy production....
WHAT THE HECK ELSE DO YOU THINK WE ARE GOING TO GET?
solidground| 6.24.11 @ 12:51PM
I can see why Spence earned a Nobel Prize. He's totally obtuse.
carol| 6.24.11 @ 3:21PM
rocket science
yisong| 10.30.11 @ 10:15PM
single row four point contact ball slewing bearing . http://www.1stbearaing.com