Daily Outrage: Long-term US economic damage predicted 

WHAT: The U.S. economic recovery is so soft, unlike prior recessions, that it may trigger long-term damage, with stubborn long-term unemployment and a “frustrated generation” of educated young people unable to find jobs, according to the Organization for Economic Cooperation and Development.

SLOW COMEBACK: Sluggish demand hampers U.S. recovery efforts, and the organization forecasts U.S. economic growth at 2.6 percent in 2010. This could potentially promote higher long-term unemployment and a devastating trap for young Americans who educated themselves for nonexistent jobs.

HOW TO HELP: The United States needs to get its budget deficits under control because it can’t pile up debt endlessly. But, the economic organization acknowledged that a shaky outlook means the U.S. must proceed to boost confidence gradually with a specific spending-reduction plan.

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Staff Report

Staff Report

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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