I’ve been intending to write something here about how America has become a low-wage nation compared to other developed countries. In the meantime, here’s a link to the latest column from the fairly indispensable Paul Krugman, in which he points out that unemployment is still a terrible problem and briefly explains what will happen if we start down the “fiscal slope” (it’s not really a cliff, since its effects will be gradual):
“The unemployment crisis goes on and on, even though we have both the knowledge and the means to solve it. It’s a vast tragedy — and it’s also an outrage.”
Throw in the issues of underemployment and low wages and the problem is even worse.