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I'm not so sure that the solution to the "Jobless Recovery" of the last four years of the "Great Recession/Depression", lies in our use of sophisticated analyses of formulas, graphs, charts and the manipulation of the money supply to affect employment rates, unemployment rates and inflation rates. It's somewhat like a city after snowstorm. You can't get the mess cleaned up and things back to normal unless you put the snowplows on the street and shovels and brooms into people's hands and set them to work. Analysing the problem doesn't solve the problem. Or trying to find excuses as to why the job can't be done or the best way too do the job. We've seem to have spent far too much time anlysing the job as opposed to doing the job, getting it done and moving on.


Glenn Reynolds is commenting recurrently on the "Higher Ed" bubble,which he feels is a coming quake in the ed system.I have the privelege of supporting a brother who has two weak degrees and won't do blue collar work.A niece and nephew are currently taking the same course offerings while planning for law school.Do you feel 1) There will be a glut of young people whose expectations outweigh their employability and 2) if there are measures that can avert this problem if ti's real?

David Snyder

2.5% is too low. You forget the zero lower bound. There is a real risk to having the inflation rate too close to this. 3.5%-4% would be safer: avoid Scylla still, but stay away from Charybdis, which historical Fed policy does not do.

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