The Economy: Two Kinds of Unemployment

Called up to Capitol Hill last week to appear before Congress' Joint Economic Committee, the Administration's top economic-policy officials reported a "consensus'' that the economy would start turning up in April. But a basic disagreement reared up in testimony on the cause and cure of unemployment.

William McChesney Martin Jr.. chairman of the Federal Reserve Board, argued that the current unemployment in the U.S. is largely "structural," resulting from technological shifts rather than from recession, and concentrated among "the semiskilled and the unskilled" in the special areas of "farming, mining, transportation and...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!