{"id":1909,"date":"2011-10-06T11:42:47","date_gmt":"2011-10-06T15:42:47","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=1909"},"modified":"2011-10-06T11:45:23","modified_gmt":"2011-10-06T15:45:23","slug":"if-you-care-about-the-deficit-you-should-care-about-jobs","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/if-you-care-about-the-deficit-you-should-care-about-jobs\/","title":{"rendered":"If You Care About the Deficit, You Should Care About Jobs"},"content":{"rendered":"<p>The prevailing anxieties of elite opinion are focused relentlessly on the deficit and debt, with sporadic bouts of indigestion reserved for the slump in jobs.\u00a0 This is a complete reversal of what ought to be the case.\u00a0 But let&#8217;s say you really can&#8217;t get over the idea that there&#8217;s no major short-term economic problem currently being caused by high deficits.\u00a0 Well then, if you are such a person, you ought to be deeply concerned that the economy is operating below potential.<\/p>\n<p>Rep. Chris Van Hollen recently requested an estimate from the CBO (hat tip <a href=\"http:\/\/tpmdc.talkingpointsmemo.com\/2011\/10\/cbo-full-employment-would-reduce-deficit-by-a-third.php?ref=fpb\">TPM<\/a>) regarding what portion of the federal deficit can be attributed to cyclical factors\u2014e.g. the non-recovery in the job market.\u00a0 The answer:\u00a0 <a href=\"http:\/\/www.cbo.gov\/ftpdocs\/124xx\/doc12440\/10-04-Portion_of_Deficit_Due_to_Cyclical_Weakness.pdf\">roughly a third<\/a>.\u00a0 There&#8217;s nothing new here, but it is an excuse for futile repetition of the following upshot:\u00a0 attempts to cut the deficit right now are self-defeating, to the extent that they drag down growth and employment.<\/p>\n<p>Gennaro Zezza has been <a href=\"http:\/\/www.multiplier-effect.org\/?p=1317\">all over this<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The prevailing anxieties of elite opinion are focused relentlessly on the deficit and debt, with sporadic bouts of indigestion reserved for the slump in jobs.\u00a0 This is a complete reversal of what ought to be the case.\u00a0 But let&#8217;s say you really can&#8217;t get over the idea that there&#8217;s no major short-term economic problem currently [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,49],"tags":[],"class_list":["post-1909","post","type-post","status-publish","format-standard","hentry","category-employment","category-fiscal-policy"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=1909"}],"version-history":[{"count":10,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1909\/revisions"}],"predecessor-version":[{"id":1919,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/1909\/revisions\/1919"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=1909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=1909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=1909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}