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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

ILO global unemployment report

Posted by WARREN MOSLER on January 24th, 2012

They don’t need to ‘create jobs’ as there is already more to do than there are people to do it.
They need to remove fiscal drag with tax cuts and/or spending increases to allow the needs to be funded:

Sustained Global Unemployment: Interesting stats from the International Labor Organization noting that there are nearly 200million unemployed globally and that another 40million jobs need to be created each year for the next decade. To generate sustainable growth while maintaining social cohesion the world must create 600million production jobs over the next decade which would still leave 900million workers and their families below the $2 a day poverty line, largely in developing countries. These numbers are fairly sobering when you consider that the world’s largest economy only managed to net create around 1.9million jobs in the recent ‘recovery’ and only around 7 million jobs even during the ‘boom’ years between 2002-2007.

2 Responses to “ILO global unemployment report”

  1. Jonf Says:

    I presume you mean they need to put the people to work? Wouldn’t spending or the JG be the best way?

    Reply

    John O'Connell Reply:

    @Jonf,

    Anything that raises aggregate demand would work. JG as “higher than unemployment benefits” would contribute to that, but a tax cut would be better (put more people to work in the private sector per $).

    Reply

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