It is now an ever present and cold fact that high unemployment rates will be ongoing in the US for some time. This will hamper accelerating economic growth. Given this reality, something needs to change in terms of public thinking.
In his weekly column, Alan Abelson notes the following:
"However, Mr. Bernanke also cautioned that, save for a solid pickup in hiring, it will take four to five years before we see a significant reduction in unemployment. Since some 8.5 million jobs were lost during the recession and only 1.1 million of that sorry total were recovered by the end of last month, we wouldn't call his forecast particularly bold."
Abelson, Alan, 2011. Mr. daley goes to washington. Barron's, Jan. 8.
I think the answer is new business creation.
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