The Job of Jobs

Reading the economics stories in the newspapers these days can be baffling. On one hand, headlines tell us that the Clinton Administration is beavering away at putting people to work: jobs programs, job-training programs, welfare- reform programs that require recipients to take a job. And, indeed, the Administration brags that it is ahead of schedule on Clinton's promise to add 8 million new jobs by the end of his first term.

On the other hand, headlines -- sometimes in the same day's newspaper -- tell us that the Federal Reserve is raising interest rates out of fear that the economy is...

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