Yet the unemployment rate is still over 9%—double what it was before the recession—and it's been stuck above 9% for 20 consecutive months. Why the extraordinarily high and prolonged unemployment? My research shows that discretionary government interventions—deviations from sound economic principles and policies—have been largely responsible.The Paul Krugmans of economics will not like hearing that.
Friday, January 28, 2011
Why the slow recovery?
From John Taylor in the Wall Street Journal: