Toward a Welfare State
America’s inadequate welfare safety net has forced its leaders to take gambles to tackle unemployment, says Will Hutton at The Guardian.
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Raghuram Rajan in his book Fault Lines, which recently won the Financial Times Business Book of the Year, says that in the United States, instead of improving the long-run competitiveness of labour force for a global market with a changing mix of industries and required skills, governments have adopted the short-run option of ‘let them eat credit’ (the title of chapter one). It means that the US government is too ready to stimulate its economy with badly thought-out tax cuts or pork-barrel public spending increases, and to take appallingly stupid risks with monetary policy.
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