The economic outrage of 2010: Cowardly leaders failed to help working people -- and coddled the rich
By Joseph Stiglitz
NY Daily News
Wednesday, December 22nd 2010
Our political leaders failed to bring unemployment down, leaving the line as long as ever.
As we look back on 2010, the most significant economic event of the year was what didn't happen: Unemployment failed to come down, stubbornly hovering around 9.5% almost four years after the bubble broke, three years after the beginning of the recession and more than two years after the collapse of Lehman Brothers.
And, above and beyond any other reason, this stagnation persisted because our political leaders failed to muster the requisite courage to tackle our problems at their source.
With one of six Americans who would like a full-time job still not able to get one, with more than 40% of those unemployed being without a job for more than six months - a level not seen since such records were kept - but with the bankers who caused the whole mess receiving the same megabonuses as before the crisis as if nothing had happened, no wonder the anger within the country is palpable.
The bankers had used their money and political influence first to buy deregulation, then to get a massive bailout and finally, this year, to prevent effective reregulation.
(More here.)
NY Daily News
Wednesday, December 22nd 2010
Our political leaders failed to bring unemployment down, leaving the line as long as ever.
As we look back on 2010, the most significant economic event of the year was what didn't happen: Unemployment failed to come down, stubbornly hovering around 9.5% almost four years after the bubble broke, three years after the beginning of the recession and more than two years after the collapse of Lehman Brothers.
And, above and beyond any other reason, this stagnation persisted because our political leaders failed to muster the requisite courage to tackle our problems at their source.
With one of six Americans who would like a full-time job still not able to get one, with more than 40% of those unemployed being without a job for more than six months - a level not seen since such records were kept - but with the bankers who caused the whole mess receiving the same megabonuses as before the crisis as if nothing had happened, no wonder the anger within the country is palpable.
The bankers had used their money and political influence first to buy deregulation, then to get a massive bailout and finally, this year, to prevent effective reregulation.
(More here.)
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