In lieu of another addition to the already countless, standard and grim analyses of the recently released BLS report on employment, which are, truth be told, the verbal equivalent of a extracted sigh, here’s a song by Okkervil River that describes my disposition toward the matter.
I’m almost certain that the past few years have been a scary movie in which the protagonist keeps going through that door. Except, in our case, the movie is being written, directed, filmed, and screened simultaneously by a large, unified bloc of people who don’t really care if the horror ends until sometime after 2012.
We need expansionary fiscal and monetary policy. The ARRA, also known as the stimulus, was an example of expansionary fiscal policy. However, the overall price tag was too small, not to mention the magnitude of the crisis was wildly underrated at the time of its debate and subsequent passage. Contrary to popular belief, though, and in light of these shortcomings, it performed as well as was expected by those familiar with Keynesian economic theory. We’re not going to get any more of the fiscal part of the equation mentioned above; here’s hoping the Fed gives us something on the monetary side later this month.
The album art even eerily resembles the global economy right now!