Sunday, January 31, 2010

Overseas admissions

It's instructive to listen to what administration officials say when overseas.

Often, they admit what they can't say at home.

Speaking on a panel on the topic of the global economic outlook at the annual meeting of the World Economic Forum in Davos, Larry Summers, the chief economic advisor in the Obama Administration, noted that one in five American men aged 25 to 54 are unemployed. He described the US economic situation as "statistical recovery and a human recession."

Dr. Summers went on to say that given a "reasonable recovery," that rate could improve to one in seven or one in eight. That still contrasts with a 95 percent employment rate for that group in the mid-1960s. One in eight is still 12.5 percent.

We're not going to get back to 95% employment with leaders who will accept 12.5% unemployment as "reasonable".

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