7/26/2010

Recent congressional action to extend unemployment benefits for 2.5 million people is a reminder that although the recession probably ended in June 2009, something is still wrong with the U.S. labor market, according to The Economist. The prolonged downturn and a slow recovery have led to an unprecedented number of long-term unemployed workers, and nothing seems to be helping. "Sadly, no quick fix is available," The Economist notes. "But the failure to change tack may prove costly, leading to slower growth and larger fiscal burdens."

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