Quote of the day

Mike Whitney wrote:

When the recovery began 2 years ago, the rate of unemployment was 9.5 percent. Today it’s 9.1 percent. Think about that for a minute. Doesn’t that prove that the market isn’t really self-correcting after all? I mean, if the market was self-correcting then unemployment would have gone down by now, right? But, it hasn’t. Why?

There’s a long answer for that, and a short answer. The short answer is that unemployment can stay high forever if the wrong policies are in place. If you don’t believe that, then vote Republican in 2012 and watch what happens when they start hacking away at public spending. Unemployment will soar to 15 or 20 percent in the blink of an eye.

Whitney’s preferred solution to the high-unemployment of the day: Revive the Humphrey-Hawkins Full Employment bill!

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• The official unemployment rate, and the hidden one (csmonitor.com)
• The jobs report and 2012 | Michael Tomasky (guardian.co.uk)
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