Here are some paragraphs from the article: Conclusion We have been living with the effects of the Great Recession for nearly six years, and the unemployment rate has never told a story of the labor market as incomplete as it does today. When policymakers talk about the need to let off the gas pedal and start tightening policy, which Congress has been proudly doing since 2010, they are consciously or unconsciously taking a myopic view of the labor market’s recovery and causing permanent damage to the economy. Complacency among policymakers has become increasingly entrenched as the recovery lumbers on. Recent data do show that we are headed in the right direction but not nearly fast enough, and we certainly have not arrived at our destination. People usually assume that restraint and caution is safer, but there are situations in which this instinct makes one much less safe. During recovery from a deep recession, speed is safety. If we do not aggressively reintroduce the workers who have left the labor force and reduce the number of long-term unemployed, not only would it be an injustice to them, but it would also be a huge, permanent shrinking of the American economy as a whole.
Posted on: Fri, 07 Nov 2014 00:44:11 +0000
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