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Randy Wray: The Answer to the Unemployment Problem Is More Jobs (Economonitor, December 2nd, 2014)
... as Joan Robinson once declared, the only thing worse than working as a wage slave is to be unemployed. Just ask the Italians, who now have the highest unemployment rate since they started keeping records. Thanks to the EMU and German fiscal rectitude!
After the obligatory jab on the Eurozone, here's the important bit:
As my colleague Pavlina Tcherneva points out, for every social problem except unemployment, progressives advocate a direct solution.

How do you solve the problem of lack of access to healthcare? The progressive advocates single payer.

(Not, of course, Obamacare, which is just a scheme to turn more of your income over to Wall Street's insurance industry.)

Hunger? Food stamps.

Homelessness? Public housing.

Old age poverty? Social Security.

But Unemployment?

More vacations. Pay the employed not to work.

Unemployment compensation. Pay the unemployed not to work.

Or, more ludicrously, BIG (basic income guarantee). Pay everyone not to work.

What is missing? Jobs. The unemployed want jobs. But progressives will not give them jobs.



A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Dec 4th, 2014 at 07:04:51 AM EST
Bleh. His "progressives" seem to be a synthesized from lots of people who disagree with him.
Who advocates food stamps? People who don't want to trust the poor with actual money. Who advocates a BIG? Several groups, but I'd argue mainly ones who fundamentally disagree with the popular slave moral that everyone has to have a job to justify his existence.
His policy proposal is sound of course, but he tends to oversell it. Just as means testing is not an inherent part of transfer payments nothing prevents the reigning misanthropes from turning the Jobs Guarantee into a caricature of itself.
by generic on Sun Dec 14th, 2014 at 05:55:31 PM EST
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