Word: kirkegaard
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Dates: during 2000-2009
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...afford to wait. The longer someone is unemployed, the harder it is to get back to work, a fact as true for the nation as it is for you and me. As the Peterson Institute's Jacob Kirkegaard explains, "It is entirely possible that what started as a cyclical rise in unemployment could end up as an entrenched problem." Past crises have illustrated that lesson: the longer you wait, the harder it is to contain. This is as true for joblessness as it was for subprime mortgages, al-Qaeda and computer viruses...
...people lost - largely in agriculture - never came back. Workers had to move to the industrial sector, a transition helped by the demands of a war. It was massive national hysteresis. Sound familiar? "A lot of the jobs that have been lost will never come back," the Peterson Institute's Kirkegaard says. Which means that hiccup in Okun's law is a warning: growth alone won't employ America again...
...Kirkegaard...