Today the national unemployment rate stands at only 4.7 percent. Initial weekly jobless claims are about 250,000, which is as low as they have been at any point this century. But this happy state of affairs will not last forever, and when the next recession arrives, it may do so quickly and without much warning. Now is the time to improve our defenses.
The last time recession struck, unemployment rose to 10 percent as millions were thrown out of work. For those individuals and families, the Great Recession was an emergency that threatened their economic security and undermined everything they…

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