I have a new column:
The column argues that we are unlikely to return to full employment anytime soon, and that, if we are wise, we will take advantage of idle resources in the interim to set the stage for robust future growth. It also argues that Obama's belt-tightening plans will be counterproductive if they are implemented prior to recovery. It was written in response to Obama's federal pay freeze and his fiscal commission, but before details of the tax deal emerged. The tax deal may have temporarily suspended the deficit reduction fever that has gripped politicians lately, but the push for deficit reduction has not ended and the danger of premature austerity remains.