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His thesis of structural problems being a large part of the crisis (rather than simple systemic risk) is probably true though. The "fire" instead of "hire and fire" partially reflects that the unemployed aren't useful to employers. Yes, a sizable chunk is due to lower production due to the recession.

Remember how this is the "man-cession"? This means construction and manufacturing. Productivity is up (and not only because people work harder to not lose jobs) due to a well-needed gutting due to having a good excuse. This is some painful creative destruction.

Instead of pouring money out piecemeal, stimulus needs to address the structural issues: modernizing the workforce/education system, rearranging (cut/add) regulations, and useful infrastructure (e.g. not just fixing potholes).

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