Why It's So Hard to Cut Unemployment

Worth Clicking: Blasts from the past wound Romney

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February 01, 2010

Why It's So Hard to Cut Unemployment

Though the economy grew at a 5.7% annualized rate last quarter, the AP reports that economic growth "would have to equal 5% for all of 2010 just to lower the average jobless rate for the year by 1 percentage point."

"And economists don't think that's possible."

"Most analysts say economic activity will slow to 2.5% or 3% growth for the current quarter as the benefits fade from government stimulus efforts and from companies drawing down less of their stockpiles. That's why the Federal Reserve and outside economists think it will take until around the middle of the decade to lower the double-digit jobless rate to a more normal 5 or 6%."

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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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February 01, 2010