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Sun Apr 29, 2012, 01:18 PM

Krugman: We’re Doomed

We’re Doomed

Update: So you see what I mean. We have a terrible failure of demand — and Carly Fiorina thinks the key problem is excessive taxes on corporations (our effective rate is actually fairly low). Hey, if only we had low rates like Ireland, we could have 14.7 percent unemployment … oh well, never mind.

Meanwhile, Eric Schmidt thinks the problem is a shortage of workers in some high-skill fields. As Dean Baker points out, businesses were saying the same thing in 1935; so were the era’s Very Serious People.

Everything makes David Walker think of the need for entitlement reform. Everything makes George Will think of Ronald Reagan.

Sigh.

That was my reaction after the debate on This Week, which was actually taped Friday. We had what was supposed to be a spectrum of informed opinion, and which actually was a good spectrum of what passes for informed opinion. And what we got … well, watch it. More comments after it has aired.

http://krugman.blogs.nytimes.com/2012/04/29/were-doomed-2/


Should add this from the Dean Baker piece Krugman linked to:

"Skilled Workmen in Demand Despite Vast Unemployment"

That was the headline of a Washington Post article (March 13, 1935, p 22). The subhead was, "technological progress has been so rapid during the depression that welders and other experts, idle since 1929, are outmoded." The first paragraph told readers:

"unemployment may run into the millions, but as the iron, steel, and metal-working industries improve, a scarcity of skilled workmen is developing, states the magazine Steel this week."

This shows that technology might change rapidly, but economic reporting at the Washington Post doesn't. Many of the stories it has written in the last two years about shortages of skilled workers in the midst of mass unemployment could have been plagiarized from this 1935 piece.

It is also striking that this piece, like much current economic reporting, relies exclusively on business sources. The article does not make any reference to any independent experts and of course, no one from a union or any workers' organization.

http://www.cepr.net/index.php/blogs/beat-the-press/qskilled-workmen-in-demand-despite-vast-unemploymentq




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Reply Krugman: We’re Doomed (Original post)
ProSense Apr 2012 OP
Warpy Apr 2012 #1
HiPointDem Apr 2012 #2
banned from Kos Apr 2012 #3
n2doc Apr 2012 #4
Egalitarian Thug Apr 2012 #5

Response to ProSense (Original post)

Sun Apr 29, 2012, 01:52 PM

1. The problem now is the same problem they had in 1935

There are plenty of skilled workers, but none of them want to work for peanuts. They have student debt and mortgages to pay and can't afford to work for peanuts.

They're crying for cheap skilled labor, not skilled labor in general.

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Response to ProSense (Original post)

Sun Apr 29, 2012, 01:54 PM

2. "Skilled Workmen in Demand Despite Vast Unemployment" = great find.

 

the more things change, the more they stay exactly the same.

same article with the same motive: to rachet down wages.

"You may think you are living in modern times, here and now, but that's the necessary illusion of every age." -E.L. Doctorow



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Response to ProSense (Original post)

Sun Apr 29, 2012, 02:07 PM

3. It was a remarkable show where Krugman and Granholm were the reality based people

 

BUT Krugman only suggested hiring the 300,000 laid off teachers back.

The rest of the time he had to fend off stupid remarks from the others. He told Carly "none of that is true" once.

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Response to ProSense (Original post)

Sun Apr 29, 2012, 04:42 PM

4. Funny how no one with 10 years experience and a Masters wants to work for min wage

Tom Friedman woulds say that the problem is "Americans are lazy"

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Response to ProSense (Original post)

Sun Apr 29, 2012, 04:52 PM

5. K&R. Thanks for posting. n/t

 

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