Paul Krugman: Things Are Not O.K.
In a better world — specifically, a world with a better policy elite — a
good jobs report would be cause for unalloyed celebration. In the world
we actually inhabit, however, every silver lining comes with a cloud.
Friday’s report was, in fact, much better than expected, and has made
many people, myself included, more optimistic. But there’s a real danger
that this optimism will be self-defeating, because it will encourage
and empower the purge-and-liquidate crowd.
So, about that jobs report: it was genuinely good, certainly compared
with the dreariness that has become the norm. Notably, for once falling
unemployment was the real thing, reflecting growing availability of jobs
rather than workers dropping out of the labor force, and hence out of
the unemployment measure.
Monday, February 6, 2012
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