.
If California fell into the ocean, it would cause the national unemployment rate to go down, since California's unemployment is higher than the national average.
The AP would immediately report this as a green shoot. Proof that the Stimulus is working.
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Thanks, Glenn, for your insightful analysis (in the comment you left on my blog)! Your point that we're shedding jobs at twice the rate as in the Great Depression is really important. Some people are saying that we're actually going into a second Great Depression which will be worse than the first because the financial structure is so much worse now (huge budget and trade deficits, loss of manufacturing here in the US, incredible consumer debt, etc.) So your point makes a lot of sense.
ReplyDeleteI'm no economist but it just seems like simple logic that if we keep on adding deficit upon deficit, one day the whole thing will come crashing down.
God bless you!