Krugman's New Book: End This Depression Now!
On the week that the Fed threw up their hands on doing anything to help with the deep unemployment problem we have, Krugman's new book End This Despression Now! couldn't be more timely.
From the interview he had tonight with NPR:
Krugman says that if he could make economic policy by fiat, he would start by rehiring all the public sector employees who were laid off in the past four years. "Normally state and local employment grows with population," he notes. "Instead it has shrunk by 600,000 over this period. So if we were to simply rehire those fired schoolteachers — go back to the kind of employment that we should've had on a normal track at the state and local level — right there we could add well over a million jobs. And before you know it, we'd be back to something that felt a lot more like prosperity."
It's time to treat high unemployment as the crisis it is. And it's good to have people like Krugman reminding us that this problem is actually solvable.