Long term unemployment worsened in February, with the percentage out of work 27 weeks or more increasing to 40.2 percent of all unemployed workers.
It used to be that when consumers spent less, government stepped into the breach and spent more in order to keep people employed, Reich writes. No longer is that the case, he adds.
Spending cuts will begin to automatically take effect in two weeks, Harris writes, and allowing the sequester's automatic spending cuts to happen would be terrible policy.
The Republican’s biggest economic lie is that the budget deficit is, in Sen. Mitch McConnell's words, “the transcendent issue of our time,” Reich writes. The transcendent issue is jobs and wages, he adds.