...from *the big research conference held each year by the - TopicsExpress

...from *the big research conference held each year by the International Monetary Fund. ... ... *the blockbuster paper of the conference will be one that focuses on the truly ugly: The evidence that by tolerating high unemployment we have inflicted huge damage on our long-run prospects. ... The long-term unemployed eventually come to be seen as unemployable; business investment lags thanks to weak sales; new businesses don’t get started; and existing businesses skimp on research and development. ... ...economic weakness has already reduced America’s economic potential by around 7 percent, which means that it makes us poorer to the tune of more than $1 trillion a year. And we’re not talking about just one year’s losses, we’re talking about long-term damage: $1 trillion a year for multiple years.

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