Economist Paul Krugman Is Paying Attention

Today, New York Times columnist and Nobel Laureate economist Paul Krugman paid attention to the plight of the long-term unemployed, by pointing out the attention not paid by Federal Reserve Chairman Ben Bernanke. Bernanke’s recent press conference was all about curbing nonexistent inflation, Krugman pointed out; he claimed he could do nothing more to ease unemployment. As one blogger put it: “Bernanke to Unemployed: Drop Dead.”

Also on this day, a related story: Unemployment claims rose an alarming 25,000 last week, to 429,000, the highest level since January.

Attention must be paid.

Bernanke: Long-Term Unemployment Worst Since WWII

Federal Reserve Chairman Ben Bernanke said out loud what we already know: Long-term unemployment is the worst since the Great Depression. (He said since World War II, but that really means since the Great Depression.) Some 45 percent of all unemployed have had that status for at least six months.

“We are digging ourselves out of a very, very deep hole. We are still something like seven million-plus jobs below where we were before the crisis,” he told reporters.

Yes, indeed.