Josh Barro, Columnist

Mass Unemployment Is Terrible for Wall Street, Too

Mass unemployment is terrible for the poor. It's also bad for the rich.

May 9, 2013 at 5:15 PM UTC

Josh Barro is the lead writer for the Ticker, Bloomberg View's blog on economics, finance and politics. His primary areas of interest include tax and fiscal policy, state and local government, and planning and land use. Previously, Barro was a Senior Fellow at the Manhattan Institute for Policy Research and a commercial real estate banker at Wells Fargo. He holds a bachelor's degree in psychology from Harvard and lives in Queens, New York.

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On Monday, I went on Bloomberg Television and discussed whether Congress was responding aggressively enough to the U.S.'s economic problems. (Answer: It's not.) A chyron that Bloomberg put below me -- "Where is the Crisis?" -- reflects why Congress is asleep: For a lot of elites in New York and Washington, things don't look too bad.

Here's how host Erik Schatzker put it to me: