On Thursday May 19, 2011, Kathryn Troutman addressed the National Press Club to discuss how the lingering
effects of the recession combined with the Obama administrationâ $ ™ s reform of the federal hiring process, has resulted in more Americans than ever applying for federal positions.
Scott Sumner told us in September 2009 that «the real problem was nominal,» that is, the
recession and its high unemployment were primarily due to an unsatisfied excess demand for money (
combined with real
effects on debt burdens
of nominal income being below its previous path).