More than four years have passed since the Great Recession began in 2007. About 24,000,000 Americans are unemployed or underemployed, and with the current pace of job creation, we will not return to normal employment levels by the end of the decade. The situation is tragic. Should we accept it? "No!" is the answer given by Nobel laureate economist Paul Krugman to this call to action.
We have been in this position before, and we know what to do; all that is lacking is the political will. Krugman presents to us the financial crisis that sparked the greatest downturn of the economy since the Great Depression of the 1930s, as well as the efforts that have been made so far to address it.
How concerned should we be about inflation? About the deficit? About the deregulation of financial institutions? Like a boxer maneuvering in the ring, Krugman approaches these issues - and more - in turn, taking them head-on and dismantling any possible objections, until he corners his opponents, ready to knock them out.
The path we must take is clear. Our priority must be to return to growth. Every day we spend at a production level below normal inflates the astronomical economic losses from the recession. What is needed for a rapid, strong recovery is exactly what was needed in previous crises: an immediate increase in government spending to get the economy moving again. We owe this not only to the unemployed, for whom Krugman writes so eloquently, but also to everyone who has been affected by this tragedy: end the recession now!
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