Huffington Post republished an article from the New York Times that outlines the impact of austerity on the job market. Deficit-cutting mania has impacted the unemployment rate by as much as 1%. It has also hurt economic growth, which would generate even more jobs. Without taking sides, the article describes inaction by the Republican Party, which has contributed to the current state of the economy. For my part, I would also take the President to task for not doing a better job of communicating the problem to the American people. His willingness to compromise and look for a “Grand Bargain” has made a confusing situation worse. Bottom line: Government action – not deficit reduction – will generate jobs.
Posted: May 9, 2013