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Economics

Made-by-Obama Cliff Debate Hides Jobless Toll Dwarfing In

President Barack Obama and House Speaker John Boehner are engaged in negotiations over shrinking the budget deficit even as high unemployment is taking a greater human and financial toll on the nation’s economic health.

By depressing tax revenue and inflating mandatory social spending, unemployment is costing the government more than twice the $220 billion taxpayers will spend this year paying interest on the debt, according to data compiled by Bloomberg. Chronic joblessness is also leaving scars on society, crippling the earning power of millions and hamstringing future growth.