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3.5 percent growth?

by on October 29, 2009

The reason this is important is that  less psychic availability for people thinking much about climate issues, and dealing with climate change requires that everyone feel it is working for them. that is NOT true when people are unemployed or feel threatened by unemployment.

From Krugman in the NYT

 

Growth and jobs

Just a quick note on the GDP report. Obviously, 3.5 percent growth is a lot better than shrinkage. But it’s not enough — not remotely enough — to make any real headway against the unemployment problem. Here’s the scatterplot of annual growth versus annual changes in the unemployment rate over the past 60 years:

DESCRIPTIONBEA, BLS

Basically, we’d be lucky if growth at this rate brought unemployment down by half a percentage point per year. At this rate, we wouldn’t reach anything that feels like full employment until well into the second Palin administration.

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