High unemployment doesn’t just punish the economy today; it punishes the future, too.
But can we afford to do more? We can’t afford not to
At current growth rates, we’d be lucky to see the unemployment rate fall by half a percentage point per year, meaning that it would take a decade to return to something like full employment ... The government needs to do much more. Unfortunately, the political prospects for further action aren’t good.
The stimulus was too little of a good thing