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Sunday, May 1, 2011

Sleepwalking through America's unemployment crisis

Mohamed A. El-Erian is the CEO and co-CIO of PIMCO, the global financial services firm that manages one of the world's largest mutual funds.

His article on the need to address the unemployment crisis should be required reading for every member of Congress:

The US government has little time to waste if it is to avoid an even more protracted and entrenched unemployment problem. It must move now to address the problem’s sources through multi-year programs that range from educational restructuring and worker retraining to productivity enhancement and housing-sector reform. And it must do so while better protecting the long-term unemployed, many of whom bear little responsibility for their current, once unthinkable, and unfortunately long-lasting predicament.

It is past time for the US to wake up and confront in a holistic fashion its unemployment crisis. As everyone who has ever had an unpalatable job knows, shutting off the alarm and pulling the blanket over one’s head is not a solution.

I would encourage each person reading this to print out a copy of El-Erian's article and fax it, with a personalized note, to their Representative and Senators.

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