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View Diary: Government reports just 88,000 jobs added in March, with 7.6% jobless rate. U6 falls to 13.8% (85 comments)

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  •  "In the long run, we're all dead"--Keynes. (1+ / 0-)
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    The Wizard

    You're absolutely right--but only in the long run, which (absent WWII-scale government intervention) will likely be decades.

    Read the Stiglitz piece. It shows how leaps in farm efficiency created the Great Depression, by making millions of former farm workers "surplus." And they remained "surplus" until we went on the humongous Keynesian stimulus program known as World War II. And it shows how the same kind of thing has been going on for the last few decades in manufacturing, and (as I showed above) retail is next.

    Read the Stiglitz piece: http://www.vanityfair.com/...

    "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

    by HeyMikey on Fri Apr 05, 2013 at 09:48:28 AM PDT

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