Solving the jobs crisis

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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Silhouette_sml
3.1
by Paul Keene - Mar. 13, 2009

A reasonable story but with a few flaws, as would be expected from a right leaning corporate friendly publication. The writer states that the current (8.1%) unemployment rate is nowhere near the depression's 25% rate. Unfortunately, the writer does not or did not look into the way the rate was and is now calculated. If you calculate the rate the way it was done during the depression, then the current rate is about 20% not 8.1%. In addition, there is very little effort in the stimulus to keep workers in jobs that will be going away, most job money is for shovel ready projects and the retraining for the greener jobs of the future. And finally, there is a lot of emphasis put on how the policies of the FDR administration (that pulled us out of the depression) were wrong (I do not agree with the writer on these points).

(11 answers)

Paul's Rating

Overall
3.1

Average
from 11 answers
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3.1
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4.0
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4.0
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3.0
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2.0
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3.0
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3.0
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2.0
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3.0
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3.0
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3.0
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