By Pavlina Tcherneva
(Crossposted from INet)
Global unemployment is expected to surpass 200 million people for the first time on record by the end of 2017, according a recent ILO study, and limitations of official statistics suggest that the problem is much larger . As conventional measures increasingly fail to produce tight labor markets and jobless recoveries become the norm, economists grapple with this new reality by calling it secular stagnation and by adjusting upwards the rates of unemployment deemed ‘natural’ — but the human, social and economic costs of this growing problem are rarely considered in economic modeling.
By L. Randall Wray
“It was obdurate government callousness to misery that first stoked the flames of rage and frustration. With unemployment a scourge in Negro ghettoes, the government still tinkers with half-hearted measures, refuses still to become an employer of last resort. It asks the business community to solve the problems as though its past failures qualified it for success.” –Rev. Dr. Martin Luther King, Jr., in his last letter requesting support for the “March on Washington for Jobs and Freedom”
In recent days, the Job Guarantee has been thrust into public discussion, thanks in large part to Jesse Myerson’s Rolling Stone article—see here.