with Christine Owens, Ex. Dir., National Employment Law Project
Another month and another tepid unemployment report. The nation's unemployment rate just went up to 7.6% with no prospect for a significant decline in sight. The plight of the long term unemployed who represent over 37% of the unemployed is all but forgotten. Facing daunting odds in finding work, they are also being hit with federal unemployment benefit cuts, that states have been forced to implement due to sequestration and now qualify for fewer weeks of unemployment coverage than at any time since the beginning of the economic crisis.
The Economic Elephant
What's really wrong with the economy, and why? Unemployment is still high and job creation hasn't made a big dent this many years into the so-called recovery. Who has the best plan? Is it the Keynesians? On the other end, the Austerics? They both neglect the economic elephant in the room - spreading wealth to the wealthy keeps buying power away from the 99%; it simply does not lead to economic recovery.