There was a time when everyone took it for granted that unemployment insurance, which normally terminates after 26 weeks, would be extended in times of persistent joblessness. It was, most people agreed, the decent thing to do. But that was then. Today, American workers face the worst job market since the Great Depression, with five job seekers for every job opening, with the average spell of unem
In his 1932 presidential campaign, Franklin D. Roosevelt vowed to balance the federal budget. Credit...Associated Press The world’s rich countries are now conducting a dangerous experiment. They are repeating an economic policy out of the 1930s — starting to cut spending and raise taxes before a recovery is assured — and hoping today’s situation is different enough to assure a different outcome. I
In Ireland, a Picture of the High Cost of Austerity The planned headquarters of the now nationalized Anglo Irish Bank along the North Quays of Dublin’s docklands. The shell lies abandoned after the bank cratered from excessive lending to property developers, and the government infused it with 22 billion in taxpayer money. Credit...Eoin O'Conaill for the International Herald Tribune DUBLIN � As Eur
Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31. Neither the Long Depression of the 19th century nor the Great Depression of th
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