Greater unemployment is a casualty of every recession, and the so-called Great Recession is clearly no exception. The unemployment rate grew from under 5% to just over 10% at its peak, and has fallen during the past few months a little to 9.7%.
The following is a reasonable summary, in my view, of the available evidence on the impacts of discretionary fiscal and monetary policy actions taken before, during, and after the recent financial crisis:
Posner shows, among other things, the basic impossibility of doubling US exports during the next five years. I consider whether such a policy makes sense, even if it could be achieved. My short answer is that it does not.