Silver Linings

by digby

The number of unemployed persons, at 13.7 million, changed little in April. The unemployment rate edged up from 8.8 to 9.0 percent over the month but was .8 percentage point lower than in November.

That’s good. It’s also lower than it was during the height of the Great Depression. So it’s actually good news.

Perhaps more pertinently, the main reason the unemployment rate went up is because of all the public employees being laid off because of budget cuts.

I’m beginning to think that people got the famous Keynes quote wrong. It should be “in the long run we’ll all be morons.”

Read Krugman’s column today for the full rundown of the non-crises our political elites seem intent upon “solving” in lieu of the real one. I’ve decided to write a Broadway musical based on the concept. I’m going to call it Fiddlin!