Even as more people rely on cellphones to tell time, retailer American Apparel has found that novelty watches are selling well. Kaomi Goetz for NPR hide caption

itoggle caption Kaomi Goetz for NPR

A fire burns out of control at the corner of 67th St. and West Blvd. in South Central Los Angeles on April 30, 1992. Hundreds of buildings burned when riots erupted after the verdicts in the Rodney King case were announced. Paul Sakuma/AP hide caption

itoggle caption Paul Sakuma/AP

The National Guard's 182nd Infantry Regiment returned home in March from a year in Afghanistan. One in three said they were unemployed or looking for work. Becky Lettenberger/NPR hide caption

itoggle caption Becky Lettenberger/NPR

Gan Golan of Los Angeles, dressed as the "Master of Degrees," holds a ball and chain representing his college loan debt during Occupy D.C. activities in Washington. Average in-state tuition and fees at four-year public colleges rose an additional $631 this fall, or 8.3 percent, compared with a year ago. Jacquelyn Martin/AP hide caption

itoggle caption Jacquelyn Martin/AP

Consumers spent more than expected in the first quarter of 2012, partly because they dipped into their savings, but businesses spent less. Don Ryan/AP hide caption

itoggle caption Don Ryan/AP

Growth will remain low and consumers will be cautious as long as unemployment stays high, economists say. Scott Olson/Getty Images hide caption

itoggle caption Scott Olson/Getty Images

Paul Krugman is a columnist for The New York Times. His previous books include The Great Unraveling and The Conscience Of A Liberal. Fred R. Conrad/The New York Times hide caption

itoggle caption Fred R. Conrad/The New York Times

A sign stands in front of a bank-owned home in Las Vegas. Housing counselors say the $25 billion mortgage settlement between major banks and the states has yet to make an impact in communities around the U.S. Jae C. Hong/AP hide caption

itoggle caption Jae C. Hong/AP