American Nightmare

The USA is often depicted as the embodiment of the virtues of modern capitalism but we are indebted to the American journalist  Paul Krugman for this expose of its less than perfect characteristics. 'What do we know about long-term unemployment in America? First, it's still at near-record levels. Historically, the long-term unemployed - those out of work for 27 weeks or more - have usually been between 10 and 20 per cent of total unemployment. Today the number is 35.8 per cent. Yet extended unemployment benefits, which went into effect in 2008, have now been allowed to lapse. As a result, few of the long-term unemployed are receiving any kind of support.' (New York Times, 9 February) Hardly the American dream is it? RD