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The Pace of Recovery

Paul Krugman on the current trajectory: “If you ask how long it will take us to return to, say, 5 percent unemployment on the current track, the answer is forever.”

Like him, I don’t think this point is sufficiently understood. Nor are people really wrestling with the long-term damage that’s going to be done as the youngest cohort of Americans continually fails to find labor market opportunities and thus the kind of on-the-job training that turns people into productive workers.

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