Krugman: 'Our governing elite doesn’t care' about economic distress

In this article, featuring the frustrated stylings of the Times' Bob Herbert, I talked about how the mis-treatment of workers by our betters is both treacherous (his word) and getting noticed. (Look here for why that "getting noticed" bit matters.)

Now comes Paul Krugman, adding his slightly more muted voice (and my slightly less muted emphasis):

Yes, growth is slowing, and the odds are that unemployment will rise, not fall, in the months ahead. That’s bad. But what’s worse is the growing evidence that our governing elite just doesn’t care — that a once-unthinkable level of economic distress is in the process of becoming the new normal. . . .

[A] large part of Congress — large enough to block any action on jobs — cares a lot about taxes on the richest 1 percent of the population, but very little about the plight of Americans who can’t find work.

Well, if Congress won’t act, what about the Federal Reserve? The Fed, after all, is supposed to pursue two goals: full employment and price stability, usually defined in practice as an inflation rate of about 2 percent. Since unemployment is very high and inflation well below target, you might expect the Fed to be taking aggressive action to boost the economy. But it isn’t.

His conclusion (which comes near the beginning of the piece):

I worry that those in power, rather than taking responsibility for job creation, will soon declare that high unemployment is “structural,” a permanent part of the economic landscape — and that by condemning large numbers of Americans to long-term joblessness, they’ll turn that excuse into dismal reality.

Hmm. Maybe I missed that class. Since when did bankers and Big Money ever care about high wages and full employment? Isn't that, always and by definition, inflationary? In fact, our betters need unemployment, to keep wages down. Profit, a much-desired good; wages, a necessary evil.

As I said above, the fact that this point is getting media play is an opportunity, should you choose to use it. Action is the antidote to depression (in the political sphere anyway).

Actively yours,

GP