Friday, November 6, 2009
Jobs Saved: PR or Fact?
While the unemployment rate continues to rise--to 10.2 percent in October--the debate over the "jobs saved" concept also continues, most recently on last Sunday's Meet the Press with host David Gregory asking Treasury Secretary Timothy Geithner whether the concept is PR or Fact. Gregory first quotes Allan Meltzer saying “One can search economic textbooks forever without finding a concept called 'jobs saved.' It doesn’t exist for good reason: how can anyone know that his or her job has been saved?” Gregory then pops the question to Secretary Geithner. Watch this short video clip for his answer, and then search your textbook as Professor Meltzer suggests.