Like John McCain, I’d have to admit that I don’t know a whole lot about economics. Sure, I took a couple of pie-chart economics courses in college way back in the day, and have tried to self-educate myself on the subject ever since. During my DLC days, I probably got too enamored with the New Economy hype, though the technological transformation of our country’s economic opportunities remains important, particularly to progressives who are very invested in the idea that the knowledge and skills of American workers generally have become critical capital assets.
But today I’d like to offer a couple of important reads about the economy, The first is a scary explanation of the current financial crisis from Time magazine, by Andy Serwer and Allan Sloan. The second is a short post by an economist calling him- or herself KNZN, which points out that net job loss figures vastly underestimate the number of people who have actually lost jobs, and may well have taken worse jobs.
The first offering is alarming enough to keep you awake, and the second is short and to the point. We all need an economics tuneup in these perilous days.