Saturday, August 7, 2010

Encourage the employment of low-wage workers

"We … need a program of tax credits for companies for employing low-wage workers. That may seem counterintuitive at a time when the Obama administration is pressing education and high-paying jobs, but we need to create jobs at all levels. Early last year, Singapore began giving such credits — worth several billion dollars — and staved off a recession. Unemployment there is around 3 percent."

— From an opinion piece in the New York Times, titled "The Economy Needs a Bit of Ingenuity," by Edmund Phelps, the 2006 winner of the Nobel Memorial Prize in Economic Sciences.

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