And if you’re okay with the Federal Reserve as the lender of last resort when credit markets fail, as was the case in the financial crisis of 2008, then you should apply the same standard to labor markets. Banks facing credit constraints are no more economically important than workers facing inadequate job opportunities, and the latter are a lot more politically sympathetic.

Job guarantee anyone?

Source: Tuesday was a great win for Democrats. Here’s how they can build on it.