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Failure by DesignThe Story behind America's Broken Economy$
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Josh Bivens

Print publication date: 2011

Print ISBN-13: 9780801450150

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450150.001.0001

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The Great Recession Ended More Than a Year Ago—so, “Mission Accomplished”?

The Great Recession Ended More Than a Year Ago—so, “Mission Accomplished”?

(p.45) The Great Recession Ended More Than a Year Ago—so, “Mission Accomplished”? (p.46)
Failure by Design

Josh Bivens

Lawrence Mishel

Cornell University Press

This chapter argues that while the Great Recession has passed its consequences can still leave long-term negative effects upon the population unless further job growth is encouraged and unemployment rates curbed. Otherwise, an extended period of high unemployment post-Recession will continue to inflict great damage and cause insecurity among America's working families. Thus the chapter levies further criticism against the Recovery Act and remarks on the potential of such policy responses to do more. Going forward, the chapter proposes a solution that requires a combination of more aggressive fiscal policy support, exchange rate policy that allows us to narrow the trade deficit and keep demand from leaking abroad to overseas trading partners, and a Federal Reserve that goes far beyond its traditional remedy of lowering short-term interest rates to more aggressively providing monetary stimulus to the economy.

Keywords:   unemployment, job growth, Recovery Act, policy responses, trade deficit, fiscal policy, exchange rate policy, monetary policy, Federal Reserve

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