Word: joblessness
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ACHUTHAN: There has obviously been some impact from the stimulus. But I don't know that it's had the desired effect. We have this jobless recovery, and this is not normal. You're losing jobs as the overall output is growing, in a way you've never seen before. So let's say you give tax cuts for capital investment. What is the result? You have a little bit of capital investment that increases productivity. That means that you don't have to hire someone...
...were George Bush: he would totally bollix the Democrats by delaying, or scrapping, his tax cut for the wealthiest Americans. He would give an Oval Office speech, profess his continuing belief in the mystical power of tax cuts--but cite the national emergency in Iraq and the jobless recovery at home. He might even lift General Clark's deft gambit (which Clark lifted from John Edwards): a $40 billion jobs program disguised as a homeland-security program that would include reinforcing bridges and tunnels against terrorist attack and enlarging the Coast Guard and Customs services. "If Bush did something like...
...problem—that, simply put, “life ain’t fair.” Rush Limbaugh and Bill O’Reilly likely go to sleep at night with the comfortable notion that they deserve what they have, and that the jobless, homeless and uninsured deserve their fate as well. This year in America, the same sort have purchased a higher percentage of SUVs than ever before, and doubtless, did not feel a shred of guilt. But hey, at least they’re not hypocrites...
...outside the euro - Britain, Denmark and Sweden - are actually doing much better than the 12 countries that have already adopted the euro. Economic growth in Sweden is expected to hit 1.4% this year, compared to 0.4% in recessionary Germany. Unemployment in Sweden is just 5.4%, almost half of the jobless total in Germany or France. And most ironic of all, nonmonetary member Sweden has met the deficit criteria of the Stability and Growth Pact designed to support the euro, while the biggest monetary members Germany and France have repeatedly flouted the pact's limits...
...Bank of America. "It's more catastrophe avoided than a big upswing ahead." It would be foolish to assume that everything is suddenly fine. After all, the economy was in recession through the first half of 2003, and unemployment rose by 305,000 over the past year, bringing the jobless total to 10.4%. "What kind of upswing is it when you have increasing unemployment?" asks Ullrich Heilemann, vice president of the Rhine-Westphalia Institute for Economic Research (RWI). "The bad days may be gone but we're not in heaven yet." How do economists explain the incipient turnaround? The euro...