No matter where one looks in this administration, there you will find dysfunction, financial ignorance and out right malice of thought. Not at any time in our history have so few done so much damage to our country as the progressive liberal Democrats that are now in power, not even the terrorists on 9/11 or the Japaneses attack on Hawaii, December 7th, 1941.
We survived all of these attacks, but we will not survive the attack that is in progress right now from the progressive socialist left in this country if we allow them to continue passed 2012.
The progressive Liberal left voters represent less than 20% of the population, yet they are driving the destruction of 235 years of American heritage. Why do we allow this to happen?
Labor Market Dysfunction during the Great Recession
Source: Kyle F. Herkenhoff and Lee E. Ohanian, "Labor Market Dysfunction during the Great Recession," National Bureau of Economic Research, September 2011.
A new paper by researchers Kyle F. Herkenhoff and Lee E. Ohanian of the National Bureau of Economic Research documents the abnormally slow recovery in the labor market during the Great Recession and analyzes how mortgage modification policies contributed to delayed recovery.
By making modifications means-tested by reducing mortgage payments based on a borrower's current income, these programs change the incentive for households to relocate from a relatively poor labor market to a better labor market.
Herkenhoff and Ohanian find that modifications raise the unemployment rate by about 0.5 percentage points and reduce output by about 1 percent.
This reflects both lower employment and lower productivity, which is the result of individuals losing skills as unemployment duration is longer.
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