Sunday, September 26, 2010


I don't normally feel the need to fact check Krgthulu, but I did actually look this one up.

Now, the Minneapolis Fed is known for its conservative outlook, and claims that unemployment is mainly structural do tend to come from the right of the political spectrum. But some people on the other side of the aisle say similar things. For example, former President Bill Clinton recently told an interviewer that unemployment remained high because “people don’t have the job skills for the jobs that are open.

What he actually said is much worse.

How could this be? Because people don't have the job skills for the jobs that are open. So here's the most important thing. If we were hiring since last June when economists said the shrinkage stopped, between then and now, if we had been hiring people on the jobs where people are trying to hire, that is we could get those jobs this morning after this TV show is over, if we were doing that at the same rate were doing that in 93, 94, 95, there would be five million more people at work. This unemployment rate would be 6.9 (percent) not 9.6 (percent.) We would be in a different world, not just economically but emotionally as as country.


...adding, realize this sort of implies I thought Krugman got something wrong, which he didn't, just that the full quote in context is even worse than the snippet.