It’s about jobs.

The Economist makes these sobering points about unemployment in its March 14 “leader” (editorial):

➢ the world in its deepest recession since the 1930s and global trade shrinking at its fastest pace in 80 years.

➢ an American who loses his job today has less of a chance of finding another one than at any time since records began 50 years ago, something especially worrying when the finances of many households depend on two full incomes.

➢ governments must intervene energetically to help, avoiding Europe’s rigid post 1970s and early 1980s recessions labor-market that kept unemployment high for decades.

➢ even if the recession ends soon (and there is little sign of that happening), the asset bust and the excessive borrowing that led to it are likely to overshadow the world economy for years to come. Yesterday’s jobs, from Spanish bricklayer to Wall Street trader, are not coming back.

➢ we need flexible labor markets, since the more easily jobs can be destroyed, the more easily new ones can be created. Programs that help today by keeping people in existing jobs will tomorrow become a drag.

➢ unemployment will blight millions of lives for years. The politicians’ task is to make sure the misery is not measured in decades.