In today's seminar on hard-hitting journalism the WSJ's Peggy Noonan observes, with the selfsame squishy puppy shit which she roundly denounces in others, that "Unemployment seems intractable."
It just seems that way, you know? It just sort of hangs out there, intractably, blamelessly, anonymously. No one really knows why unemployment is so damned and disagreeably intractable, but that's the way the stubborn little bugger is. You know? It's a fucking mystery. A real mystery.
I needn't point out how appallingly resistant Noonan & Co.'s brain is to modern macroeconomics, since macroeconomists do it every day in less propagandistic outlets than the Wall Street Journal's editorial page. Among the assorted problems we face in what Noonan calls this "age of emergency"--she cites, for example, "the economy, the Mideast, North Korea, Iran" and the president's "utter and historic inability to forge a relationship with Congress"--unemployment is the least intractable of them all. In fact it's a rather easily correctable problem, as--let's face it--the mainstream economist Paul Krugman underscores again today:
The federal government can borrow more cheaply than at almost any point in history.... Yes, there’s a long-term fiscal problem, but it’s not urgent that we resolve that long-term problem right now. The alleged fiscal crisis exists only in the minds of Beltway insiders.
In other words, with those historically low interest rates the federal government could be borrowing and hiring to build and rebuild (sewers, roads, bridges; the entire disgrace of our crumbling infrastructure) as well as rehiring state and local workers who've been stupidly conscripted into America's immense army of unemployment--whose Noonanesque intractability would soon dissipate.
But then Noonan & Co. would have one less crisis to blame on President Obama. And we can't have that.