The Wall Street Journal is taken with a phrase uttered by Larry Summers today at the Davos economic summit. The US is experiencing a "statistical recovery and a human recession," said the Obama economic adviser. The phrase "should resonate through much of the industrial world, where high and long-standing unemployment is increasingly becoming a huge domestic political issue," writes Neal Lipschutz.
Summers noted that 1 in 5 US men aged 25 to 54 are out of work and said a "reasonable recovery" would improve the numbers to 1 in 7 or 1 in 8. Any US increase in global integration "has to work for the people" in order to fly politically, Summer said. Lipschutz translates that into a simple message: "Job creation in the US is a crucial issue."