The unemployment rate dropped in the UK to 7.1%, but the jobless problem in both Great Britain and America is far from solved, says Tim Harford, author of The Undercover Economist Strikes Back. Long term unemployment has done real damage on both sides of the pond, says Harford, and will remain a concern well after the recession is formally pronounced finished. He also says the minimum wage should probably be increased slightly, however, its not as big of an issue as many talking heads make it out to be.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

If you liked this article you might like

How 1-800-Flowers Preps for Valentine's Day Crush

Forget Gold and Platinum! Give Your Sweetie Iridium this Valentine's Day

News Corp. Beats on Bottom Line Despite Sluggish Ad Sales

Nvidia Q4 Beats Street on Top and Bottom Lines

Coca-Cola: We'd Like the World to Buy a Coke Zero -- or a Smartwater!