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The Lessons of the North Atlantic Crisis for Economic Theory and Policy (IMFdirect)
Roosevelt Institute Chief Economist Joseph Stiglitz argues that the crisis has given us a chance to rethink broken models, so instead of tinkering at the edges and hoping the markets somehow fix themselves, we can break out the full repair kit next time around.
The Chutzpah Caucus (NYT)
Paul Krugman writes that although many cynics seem to think any government stimulus will lead to a liberal spending spree that bankrupts the nation, the real problem is usually that stimulus gets cut off too soon, and the bankrupting is left to conservatives.
The College Grad Recovery Continues (The Atlantic)
Matthew O’Brien notes that the latest jobs report tells the same story of painfully slow but steady job growth that we’ve been hearing since the recovery began. Except for those without college degrees, who file that story under the creative fiction category.
The Idled Young Americans (NYT)
David Leonhardt writes that lack of new job creation has caused the U.S. to go from having the biggest share of young workers employed among wealthy nations to having one of the smallest. But they’re still optimistic about one day being able to pay a bill.
McJobs recovery continues in latest job figures (MSNBC)
Ned Resnikoff writes that while April’s report shows the recovery is slowly adding jobs, it also shows that they’re some of the worst jobs around, with a third of growth concentrated in retail and hospitality while stable union work goes the way of the dinosaurs.
The Loss of Government Jobs Is Holding Back the Economy (Think Progress)
Bryce Covert notes that the public sector has lost 718,000 net jobs since 2009, including 11,000 sacrificed on the altar of austerity in April. And not to get too technical, but continually subtracting jobs from the economy makes the total number of jobs smaller.
The Hollowing Out of Government (Robert Reich)
Reich argues that whether it’s OSHA enforcing safety standards or the IRS collecting taxes, Republicans deal with any law or government function they don’t like but can’t repeal by starving it of resources and then complaining about how it doesn’t work right.
This Week in Poverty: Florida Gives Workers a Smackdown (The Nation)
Greg Kaufmann highlights the Florida legislature’s raft of anti-worker legislation, designed to override local ordinances establishing benefits like paid sick leave and wage theft protection and leave it up to the state government to not implement them instead.