[OPE] Krugman recognizes normalization of unemployment

As I forecast previously on OPE-L, the effect of the slump is not the
collapse of capitalism but the collapse of the lifestyles of about a sixth
of the workers, and the "normalization" of unemployment.
In other words, it is mainly one part of society that picks up the burdens
of the slump. Now Paul Krugman agrees:

"More than three years after we entered the worst economic slump since the
1930s, a strange and disturbing thing has happened to our political
discourse: Washington has lost interest in the unemployed."
http://www.nytimes.com/2011/03/18/opinion/18krugman.html?src=ISMR_AP_LO_MST_FB

Krugman raises the question of "what it will take to get politicians caring
again about America's forgotten millions", but he doesn't answer it. I
suppose politicians will talk about it at election time, but I guess the
unemployed can get their concerns on the political agenda only to the extent
that they can have some real leverage on the situation. Violent action is
tricky; it could backfire on the unemployed, if it provokes more state
repression.

If the state is not interested in the unemployed, what prospect is there for
a Keynesian policy? Not very much I'd say.

J.

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Received on Fri Mar 18 16:35:24 2011