We fret about unemployment in the U.S., but we seldom consider the problem in other countries. Huffington Post linked to an article at 247wallst.com that lists European countries with the highest unemployment. Japan and the U.K. have slight higher unemployment. Countries like Greece (26.4%) and Spain (26.3%) face much higher, rates which are similar to estimates for the U.S. in the Depression of 1930s.
What if the U.S. had 25% unemployment? We would have a major problem. Even at the current rate, many job seekers are having problems finding jobs. Worse still, wages have flat and in some cases declined. Like Paul Krugman, I believe the government should play some role as an employer of last resort. It’s not a matter of the clichéd attack on Keynes that one worker fills a hole and another fills it. There is work to be done: infrastructure, public safety, education, and healthcare. We need to invest to build good country where everyone has opportunity. We have the wealth. We need the will.