GROWTH WITHOUT JOBS: A LETTER TO THE ECONOMIST (May 2, 2011)

In your main leader you blame much of the growing weakness of America’s economy on structural unemployment (”What’s Wrong with America’s Economy?” April 30, 2011). This neat solution of the “paradox” of growth without jobs is predicated on only one pointer to growth: share prices that are close to a three-year high. Parenthetically, that high was just before the historical bust. Strangely, you do not even consider where that growth may be coming from. The answer is perfectly obvious: Ben Bernanke’s quantitative easing. In short, there is no paradox of growth without jobs. There is no real growth, period. Actually, there is only Bernanke’s bubble. In short, there is no reason for seeking after explanations, such as structural unemployment. It has been there for decades, anyhow.