Economist Nouriel Roubini says jobs are just not coming back

Nouriel Roubini

These are the glasses of a very wise - and gloomy - man.

Nouriel Roubini, Dr. Doom of the economist world, has these wise words of encouragement for Americans who have been getting by on savings, unemployment, and pity dinners from friends and relatives:

So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.

Boy, that brick of truth is just refreshing, isn’t it? Better start saving up on those canned soups and beans. Though, there is a solution.

There’s really just one hope for our leaders to turn things around: a bold prescription that increases the fiscal stimulus with another round of labor-intensive, shovel-ready infrastructure projects, helps fiscally strapped state and local governments and provides a temporary tax credit to the private sector to hire more workers. Helping the unemployed just by extending unemployment benefits is necessary [but] not sufficient; it leads to persistent unemployment rather than job creation.

This advice is similar to what we’ve heard elsewhere. So those of you that can handle a shovel have a chance of getting a job next year. Maybe. But this seems like a horribly anachronistic solution for revitalizing an economy in the digital age. Yeah, more men are unemployed than women statistically, but can’t there be a WPA-like job project for the more delicately inclined, like tweeting about said shovels from a safe distance behind one’s computer screen?

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