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...programs currently being created by the national government will be failures if Phelps and his colleagues are right. Or, better said, the programs will only build jobs for a short period. The rise in employment because of federal intervention will disappear when the government can no longer afford to pay for the buttressing or the electorate turns against the deficit that the spending programs build. The Administration's plan, which has been so heatedly debated, to save 3 million to 3.5 million jobs, will only be an elaborate trestle with its base set on limestone...
...corollary of the thesis that America has exhausted its ability to create employment even though the population in the country is no longer growing rapidly is that any expansion in innovation or increased industrial activity will happen somewhere else. That place or those places have already been identified as India, China, and the other vibrant economies of southern Asia and Latin America. The case in their favor is simple. They have cheap labor. But, cheap labor is itself exhaustible. China has created a middle class, and so has India. The people in those middle classes will expect to be paid...
...There's pretty widespread agreement that the recovery, when it comes, won't be robust. "Even after a recovery gets underway, the rate of growth of real economic activity is likely to remain below its longer-run potential for a while," said Bernanke in his testimony to the Joint Economic Committee on Tuesday. That means unemployment will keep rising even after the economy has stopped shrinking. And if unemployment keeps rising, consumer spending won't rebound strongly, bank-loan losses will keep rising and a recessionary relapse isn't out of the question. The next monthly employment report, due Friday...
...Having lived most of their life under a system in which the Communist Party dictated what they could paint and where they could exhibit, the older generation of artists has stayed quiet. But artists who are no longer under the government's thumb are increasingly urging that the museum sort originals from copies by calling in experts to help examine paintings. They also want the museum to produce the records of paintings and remove pieces that are reproductions - or at least label them as such...
...airstrikes and other military actions. "The result is weakening public support for nation-building, even though few actively support the Taliban," says a report from the International Crisis Group, a think tank that monitors conflicts. An American official in Afghanistan agrees: "We cannot afford to be passive [communicators] any longer if we're going to turn this around." (See Jason Motlagh's TIME.com video report from an Afghan village...