Must-Read: At a time when nominal interest rates are at their zero lower bound, and when as a result there is neither a real resource cost nor a future burden in terms of higher tax wedges to put more people to work doing things for the government, the fact that the U.S. has cut 1.8 million government jobs relative to trend since the start of 2008 is, from any technocratic point of view, a total and complete macroeconomic disaster.

Remember: whatever good things you may say about Democratic President Barack Obama, he helped it along.

Mark Thoma: Austerity: The Public-Sector Jobs Gap


Originally published at www.bradford-delong.com.