Quote of the day

The Guardian reports that:

The White House is stepping up pressure on Congress to approve emergency measures that would reinstate payments to more than 1.3 million long-term unemployed Americans who saw their benefits cut three days after Christmas.

President Barack Obama’s chief internal economics adviser appeared on two Sunday talkshows to warn against failing to reintroduce payments for those who have been out of work for more than six months – while also indicating that the benefits programme could legitimately end when unemployment rates return to “normal”.

But, what if a 7% U-3 rate reflects a new norm? What if an austerity politics combines with long-term stagnation to produce a high-unemployment economy? Will America’s natural aristocrats move to secure the well-being of those Americans less fortunate than they are? Will they reinvigorate America’s welfare state?

I would not recommend holding one’s breath waiting for the aristocrats to move on this matter.