Now that the economy is showing renewed strength, the left wing is forced to complain about jobs. But they can’t complain too loudly because with capital spending high and inventory levels low, even they realize that the employment picture is going to be rosier. So the trick is to set the bar high for “success”: “And unless we start to see serious job growth — by which I mean increases in payroll employment of more than 200,000 a month — consumer spending will eventually slide, and bring growth down with it.”
OK – you heard Krugman – he’s put the stick in the sand.
What say you, Christopher Farrell of Business Week?
Maybe Snow fumbled dollar policy in recent months, but his widely ridiculed Pollyannaish prediction that the economy will start creating 200,000 jobs a month is a bet on the safe side.The Business Week article is called: “Why the Recovery looks like a Keeper” and it’s got lots of good material, so check it out (hat tip to Terpsboy).